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51 lines
2.4 KiB
Markdown
51 lines
2.4 KiB
Markdown
# Trading212
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Turns Trading212 account statements (CSV) into the internal record model used
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to build Anexo J reports. This file records how statement events are
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interpreted, and why.
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## Spin-off events
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A spin-off distributes shares of one company to the shareholders of another.
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Trading212 reports it as an `Action` of `Spin off`:
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```
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Spin off,2026-02-11 13:41:43+00:00,US9418481035,WAT,"Waters",EOF46451921527,0.0406450000,0E-10,USD,,,,0.00,"EUR",,,,,,
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```
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These rows are booked as **buys with a cost of zero**: quantity and timestamp
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are kept, and every cost column (price, result, total, stamp duty reserve tax,
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currency conversion fee, French transaction tax) is required to be zero —
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anything non-zero, or a non-positive quantity, is logged and returned as an
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error, stopping the run. A row that surprises the reader must be looked at by
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a human, not silently booked.
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### Why cost zero is fair
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No money was paid for the new shares, and their value came out of the value
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of the parent shares — on the distribution date the parent's price drops by
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roughly the distributed value. The position's total basis is unchanged; it is
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just partitioned over two lots: the spin-off lot at `0` and the parent lot at
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its original, unreduced basis. Selling the spin-off lot books full proceeds as
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gain; selling the parent lot shows the offsetting smaller gain or bigger loss.
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Netted together, the result equals the true economic gain.
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Example — buy 100 parent shares for 10,000; a spin-off delivers new shares
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worth 2,000; later sell the new shares for 2,200 and the parent for 8,100:
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| Lot | Basis (cost 0) | Sold for | Gain (cost 0) | Gain (pro-rata) |
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| ------ | -------------: | -------: | ------------: | --------------: |
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| New | 0 | 2,200 | 2,200 | 200 |
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| Parent | 10,000 | 8,100 | -1,900 | 100 |
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| Total | | | **300** | **300** |
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Either partition of the same 10,000 basis yields the same net gain of 300
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(true gain: 10,300 received − 10,000 paid) — as long as gains and losses are
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assessed together, as they are in Anexo J within the same year. If the two
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lots are sold in different years the per-year attribution differs (the total
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does not). Trading212 statements don't report a pro-rata basis allocation, so
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cost 0 also keeps the report reproducible from the statement alone.
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> [!WARNING]
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> Verify any outputs of this tool on your own or with a certified accountant.
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