British Land Divi

[YeeWo]

Just received what works out at 5.84p per share from BLND. I was anticipating 7.3p per share My holding is in an HSBC InvestDirect ISA. Can anybody advise a possible reason for the discrepancy?!

[Breelander]

Just received what works out at 5.84p per share from BLND. I was anticipating 7.3p per share My holding is in an HSBC InvestDirect ISA. Can anybody advise a possible reason for the discrepancy?!

That's the payment after the 20% tax is deducted. While it is true that in an ISA you are entitled to the PID in full, there are two ways that an ISA manager can do this. Either receive a payment after tax then claim the tax back from HMRC, or to apply to the Registrar to receive the payment before tax.

In order to qualify for the second option a broker must segregate all their tax-exempt holdings in a separate nominee account. Some brokers prefer to pool all their holdings in a single nominee account so have to take the first option, to reclaim the tax later. This may not be until some time later, you should ask HSBC when it will be reclaimed for you.

[spiderbill]

Just received what works out at 5.84p per share from BLND. I was anticipating 7.3p per share My holding is in an HSBC InvestDirect ISA. Can anybody advise a possible reason for the discrepancy?!

If it's like my holdings with HSBC of Hansteen you'll get the rest in a few weeks. They seem to take rather a long time - I also hold Hansteen with TDDirect and they were much quicker on the last divi.

[JMN2]

Barclays Stockbrokers and HL pay the full amount.

[TheRIT]

Barclays Stockbrokers and HL pay the full amount.

I hold BLND within my HL SIPP and can confirm I received 7.3p.

[piccadilly]

I hold British Land in my HL ISA and I received 7.3p

[daveh]

It will depend how your broker has set up its nominee account. If its ISA and non ISA accounts are not separate they have to pay dividends from REITs with the tax withheld and then reclaim it for the ISA accounts. So you should get the rest of the dividend as a second payment in a week or two.

[pendas]

I wouldn't have known it was due without reading this thread! The top up sheet shows a date in May.

Anyway, Halifax have paid the full 7.3p for shares held in an ISA.

[JohnnyCyclops]

I wouldn't have known it was due without reading this thread! The top up sheet shows a date in May.

Anyway, Halifax have paid the full 7.3p for shares held in an ISA.

The May payment is the most recent to be declared. 7.30p declared on 19 Jan, goes ex-div on 30 Mar, relates to 3rd quarter (to 31st Dec) but will be paid in the 1st quarter of the next fiscal year. I.e. there is some lag for BLND, wherein what's just been paid in Feb, which is 4th quarter relates to the 2nd quarter.

Some other notable quarterly payers manage to get the div paid in the immediate next quarter. E.g. BP and Shell should both pay out at the end of March for the 4th quarter up to 31st Dec.

[PinkDalek]

I wouldn't have known it was due without reading this thread! The top up sheet shows a date in May.

Anyway, Halifax have paid the full 7.3p for shares held in an ISA.

The May payment is the most recent to be declared. 7.30p declared on 19 Jan, goes ex-div on 30 Mar, relates to 3rd quarter (to 31st Dec) but will be paid in the 1st quarter of the next fiscal year. I.e. there is some lag for BLND, wherein what's just been paid in Feb, which is 4th quarter relates to the 2nd quarter.

The OP may need to note this regarding the third interim dividend (their word) payable on 5 May 2017 (my bold):

"An announcement on the split between PID and non-PID, along with the availability of any scrip dividend alternative, will be made no later than 4 business days before the ex-dividend date of 30 March 2017.".

The relevance of "the split between PID and non-PID is explained further here http://www.britishland.com/investors/di ... and-uk-tax

[YeeWo]

I checked this morning and I'd received nothing. Have fellow BLND received their Dividend today?

[tjh290633]

Yes, I received mine, paid gross in my ISA with Lloyds Sharedealing (Halifax in effect).

TJH

[csearle]

I checked this morning and I'd received nothing. Have fellow BLND received their Dividend today?

I haven't received mine either, but then I'm with Barclays Stockbrokers (or whoever they call themselves now) and they have always emulated Corporal Jones. C.

[Breelander]

I haven't received mine either, but then I'm with Barclays Stockbrokers (or whoever they call themselves now) and they have always emulated Corporal Jones. C.

Barclays Stockbrokers have always reliably credited dividends one working day AFTER the due payment date, to wait for it to clear presumably. Actually, other broker do much the same - but they disguise it well. Although the payment appears on the due date it's not actual hard cash - you cannot withdraw it as cash until it has cleared a few days later. You can only use it to purchase shares, but that's because it will clear before the settlement date.

Anyway, I've been forcibly 'migrated' to Barclays Direct Invest now. The good news is the BLND PID appeared in my ISA on the due date. The bad news is only 80% of it arrived - the 20% tax was withheld despite this being an ISA account!!! This never happened under Barclays Stockbrokers and one very angry secure message was sent.

[Arborbridge]

I've received mine, into my A J Bell SIPP account.

Arb.

[maximan]

I've received mine in my TDW ISA net.
The Tax credit comes about 2 weeks later.

[daveh]

Halifax paid mine on Friday and as is standard with HSDL it is paid gross.

The difference is (as I understand it) whether your broker holds its ISA nominees as a separate pool from the taxable account nominees. If it does it can apply to HMRC to have the dividend paid gross (to the ISA accounts). If there is just a single nominee pool your broker has to pay the divi net and then reclaim the tax for the ISA accounts which is then credited later.

[YeeWo]

I've received mine in my TDW ISA net. The Tax credit comes about 2 weeks later.

I logged on this morning and have received 5.84p per share, the Tax Credit of 1.46p is due. Last time the 5.84p was received 10 Feb 17 and the Tax Credit arrived 49 days later on 31 Mar 17. Interesting that TDW ISA take 14 days while HSBC InvestDirect take 49 days........

Made a spreadsheet note for 23 Jun 17 to double check the TC is received........

[PinkDalek]

I've received mine in my TDW ISA net. The Tax credit comes about 2 weeks later.

I logged on this morning and have received 5.84p per share, the Tax Credit of 1.46p is due. ...

To be clear, the 20% is not a tax credit but Income Tax withheld:

Profits distributed as PID dividends are paid out of British Land's tax-exempt profits and therefore are potentially fully taxable in shareholders’ hands as property letting income. PID dividends are normally paid after deduction of withholding tax at the basic rate of income tax (20%), which the REIT pays to HMRC on behalf of the shareholder. Certain types of shareholder are tax exempt and receive gross PID dividends. Examples of such classes are:

UK Companies
Charities
Local Authorities
UK Pension Schemes
Managers of PEPs, ISAs and Child Trust Funds ...

From the link I provided earlier http://www.britishland.com/investors/di ... and-uk-tax

They are wrong to call them PID dividends though. By their very name, they are Property Income Distributions. It doesn't matter in an ISA etc but for those who complete Income Tax returns the PIDs should be shown elsewhere ("Other UK income not included on supplementary pages").