On 22 January 2014, we announced the ending of the scrip dividend scheme and the launch of the Dividend Reinvestment Plan.
The final payment under the scrip dividend scheme was for the third interim dividend for the 2013/14 financial year, paid on 11 April 2014. The cash dividend was paid entirely as a Property Income Distribution (PID). The scrip dividend alternative was treated as a non-PID and, accordingly, the Company was not required to withhold tax from the scrip dividend alternative.
All of the cash dividends paid in respect of the financial year ended 31 March 2014 comprised PIDs from REIT qualifying activities. In contrast to the cash dividends, none of the scrip dividends paid to date have been PIDs and therefore they have not been subject to the 20% withholding tax requirement which applies to PIDs for certain classes of shareholders.
The scrip dividend reference price since 17 April 2013, to the last scrip dividend on 11 April 2014, was as follows:
|17 Apr 2013||7.40p||815.50p|
|19 Jul 2013||7.60p||877.7p|
|11 Oct 2013||7.60p||920.10p|
|09 Jan 2014||7.60p||934.50p|
|11 Apr 2014||7.60p||1041.40p|
For more information on UK REIT taxation please go to the following page on our website http://www.landsecurities.com/investors/shareholder-investor-information/uk-reit-taxation