What is the tax impact on a Carnival plc shareholder to accepted Carnival Corporations partial share offer on April 17, 2003?
Shareholders in Carnival plc (formerly P&O Princess Cruises plc) who accepted the Carnival Corporation Partial Share Offer on April 17, 2003 made a taxable disposal or part disposal of their P&O Princess shares taken up by Carnival Corporation in the Partial Share Offer for the purposes of UK tax on chargeable gains. This disposal or part disposal may give rise to a liability to UK tax on chargeable gains depending on the shareholder’s particular circumstances (including the availability of exemptions or allowable losses). The value of the consideration received will be determined for the purposes of UK tax on chargeable gains by aggregating the value of the Carnival Corporation shares received in exchange for P&O Princess shares and the amount of any cash received in respect of fractional entitlements. Shareholders should consult their independent professional advisers in the light of their particular circumstances following the Partial Share Offer. As a general guide only, the value
