Cadburys demerger, Newcastle brewery takeover. Tax implications.

[dancecaller]

My OH inherited some shares a few years ago.
Now Cadburys are demerging its American drinks, and Newcastle brewery are being taken over.
We are getting shares in 2 companies for our Cadbury shares. Does it make a tax difference if it's American drinks?
It will be cash for the brewery. Does this count as capital, not income? They are offering loan notes instead of shares if we want.
OH pays standard rate tax, and I dont think we'll sell any other capital assets next year.

All the literature says "can not give tax advice", but does anyone know, in general terms what the implications are?

[dzug]

If you get cash you are assessable for capital gains tax.

If you get loan notes then you can spread the receipt of cash over more than one tax year and hence get the benefit of several years allowances.

If you get shares there are no tax implications - in the UK anyway.

[dancecaller]

Thanks, that's what I thought; but what about future dividends from the American drinks firm shares, are they taxed the same as the English Cadburys shares?