What@Grajem12 said is correct.
For example.
You buy a share in a theortical company at $3 and the SP rises over time to $6.53. The company then announces a capital return of $2.65. The SP goes XC and drops to $3.88 as a result. Your cost base also now reduces to $0.35 for CGT purposes. If you then decide to sell you will trigger a CGT event and have to pay CGT (50% off if you have held >1y) on the capital gain which is $3.88-$0.35 = $3.53.
If you instead sold the the shares immeadiately prior to the capital return at $6.53 when your cost base was still $3, you will have to pay CGT (50% off if you have held >1y) on the cpaital gain which is $6.53-$3.00 = $3.53.
The capital return makes no theoretical difference to your CGT liabilities but what it does do is free up your capital for your to invest it elsewhere or repay eg: loan you may have taken out to buy said shares. Of course, DYOR.
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