IMI is a global engineering group focused on the precise control and movement of fluids in critical applications and comprises five platform businesses - Severe Service, Fluid Power, Indoor Climate, Beverage Dispense & Merchandising. I have a holding in my income portfolio (epic code: IMI).
IMI confirmed today the details of their return of capital to shareholders following disposals mentioned here, it intends to return 200p per existing ordinary share in the capital of the Company to Shareholders on the register as at 6.00 p.m. on 14 February 2014. The Company also announced the associated consolidation of every 8 Existing Ordinary Shares into 7 new ordinary shares.
The cash returned can be elected as income or capital to be paid on 10 March or deferred capital payable in the next tax year on 21 April, to suit individual investor's tax requirements. If the shares are held in an ISA or SIPP it is irrelevant whether the cash is taken as income or capital.
I now have three companies (VOD, MRO, IMI) in my income portfolio with returns of capital within a similar time frame. Since some of the holdings are outside of an ISA, it makes for difficult year-end tax planning.
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