Dividend policy
Our policy is to adopt a progressive dividend policy, reflecting the profitability of the Group's businesses as well as its capital and cash flow requirements to achieve a dividend cover of about four to five times.
Dividend history
| Year | Dividend payout date | Dividend (Pence per share) |
|---|
| 2007 interim |
19 October 2007 |
1.90 |
|---|
| 2007 final |
23 May 2008 |
2.85 |
|---|
| 2008 interim |
3 October 2008 |
2.30 |
|---|
| 2008 final |
22 May 2009 |
3.40 |
|---|
| 2009 interim |
2 October 2009 |
2.30 |
|---|
| 2009 final |
21 May 2010 |
3.40 |
|---|
| 2010 interim |
8 October 2010 |
2.53 |
|---|
| 2010 final |
20 May 2011 |
3.74 |
|---|
| 2011 interim |
7 October 2011 |
3.00 |
|---|
| 2011 final |
1 June 2012 |
4.10 |
|---|
Your dividends
Dividends may be paid by a company to its shareholders.
When the Company announces a proposed dividend, it also announces the record date and the ex-dividend date associated with the dividend. The dividend is paid to shareholders whose names are on the share register at the close of business on the record date. The ex-dividend date is two business days before the record date. On that day the shares will be listed as ex-dividend; this means that a buyer will not receive the dividend payable on those shares.
A dividend is paid with a tax credit. Each shareholder receives a tax voucher which states the amount of the dividend and the amount of the tax credit. The tax credit is 1/9th of the dividend (corresponding to 10% of the dividend and the associated tax credit).
A UK resident individual shareholder is therefore treated as having paid tax at 10% on the aggregate of the dividend and the associated tax credit; as starting, lower and basic rate taxpayers are liable to tax on the dividend and associated tax credit at 10%, they will have no further liability to tax in respect of the dividend.
The tax liability on dividends for UK resident higher rate taxpayers is 32.5% on the aggregate of the dividend and the associated tax credit so that their liability for additional tax is equal to 22.5% on the aggregate of the dividend and the associated tax credit.
Generally, UK resident individuals can no longer claim a refund of the 10% tax credit.
Dividends can be paid directly into your UK bank or building society by completing a dividend mandate form. You can do this online using our electronic shareholder services.