Nevermind I re-read the second part and it is only a CGT event if the capital returned is more than the acquisition cost....
I noted a new tax section regarding a capital return that could trigger a CGT event in my Standard Bank CGT statement (see at end):
My interpretation (am I right?) is that this could affect Aspen which does not pay a dividend but use a "capital returned".
(1) If share bought before 1 Apr 2012 then its cost is reduced by the capital returned
(2) If share bought after 1 Apr 2012 then it triggers capital gains event for the tax year in which the capital is returned
Return of capital on or after 1 April 2012 on post-valuation date shares.
Only base cost is reduced - no CGT (unless the return of capital was greater than the original base cost when there would be CGT payable and the base cost would of course be nil - Very unlikely and rare I would assume).
Remember pre-valuation date is 1st October 2001. I assume you aquired APN after that date. If not it gets a little more complicated.
I also have APN - dividend was paid by way of a capital reduction - the base cost was lowered accordingly and definitely no CGT.
CGT only payable on disposal of APN (if held on capital account).
"With effect from 1 April 2012 a return of capital will no longer trigger a part-disposal of a share. Instead, it will be treated as a reduction of the base cost of the share."
216 cents per ordinary share was the last dividend by way of capital reduction (no cgt and no withholding tax).