SHAFTESBURY CAPITAL PLC (the "Company" or "Shaftesbury
Capital")
2024 INTERIM CASH DIVIDEND - EXCHANGE RATE
This announcement sets out
additional information relating to the 2024 interim cash dividend
of 1.7 pence per ordinary share (of which
1.0 pence will be paid as a property income distribution
("PID") and 0.7 pence will
be paid as an ordinary dividend ("non-PID")),
which is to be paid on Tuesday, 1 October
2024 to all shareholders registered on Friday, 23 August
2024.
Exchange rate for 2024 interim cash
dividend:
The Company confirms that the ZAR
exchange rate for the 2024 interim cash
dividend will be 23.28310 ZAR to 1 GBP,
which is the rate determined on Monday, 12 August 2024.
On this basis, shareholders who hold
their shares via the South African register will receive a cash
dividend of 39.58127 ZAR cents per ordinary share (34.92465 ZAR
cents net of UK withholding tax).
PID, NON-PID AND WITHHOLDING TAXES
The PID element of the 2024 interim
cash dividend (being 1.0 pence) will be subject to deduction of a
20 per cent UK withholding tax unless exemptions apply. The non-PID
element (being 0.7 pence) will be treated as an ordinary UK company
dividend. SA dividends tax will also apply, where applicable.
Details of the split (per ordinary share), and withholding taxes
are set out below:
|
|
UK (p)
|
SA (ZAR
cents)
|
|
Total (gross)
|
1.7
|
39.58127
|
|
|
|
|
|
PID (gross)
|
1.0
|
23.28310
|
|
UK withholding tax (20%)
|
0.20
|
4.65662
|
|
PID (net of UK withholding
tax)
|
0.80
|
18.62648
|
|
Less effective 5% SA dividends tax
for SA shareholders, where applicable*
|
-
|
1.16416
|
|
Net PID payable
|
0.80
|
17.46232
|
|
|
|
|
|
Non-PID
|
0.7
|
16.29817
|
|
Less SA withholding tax
(20%)
|
-
|
3.25963
|
|
Net Non-PID payable
|
0.7
|
13.03854
|
* Where the 20% SA dividends tax
rate applies, this will be 4.65662 ZAR cents per ordinary share on
the PID element of the 2024 interim cash dividend, and after UK withholding tax and SA dividends tax have been
withheld, the total net 2024 interim cash dividend will be 27.00840
ZAR cents per ordinary share (total net 2024 interim cash dividend
where 5% SA dividends tax applies is 30.50086 ZAR cents per
ordinary share).
Information for
shareholders:
The information below is included
only as a general guide to taxation for shareholders based on
Shaftesbury Capital's understanding of the law and the practice
currently in force. Any shareholder who is in any doubt as to their
tax position should seek independent professional
advice.
UK
shareholders - PIDs
Certain categories of shareholders
may be eligible for exemption from the 20 per cent UK withholding
tax and may register to receive their dividends on a gross basis.
Further information, including the required forms, is available
from the 'Investor Information' section of the Company's website
(www.shaftesburycapital.com), or on request from our
UK registrars, Link Group. Validly completed forms must be
received by Link Group no later than the dividend Record Date, as
advised; otherwise the dividend will be paid after deduction of
tax.
South African
shareholders
The 2024 interim cash dividend
declared by the Company is a foreign payment and the funds are
sourced from the UK.
PIDs: A 20 per cent UK
withholding tax is applicable to a PID. South African shareholders may apply to HMRC after payment of the
PID element of the 2024 interim cash dividend for a refund of the
difference between the 20 per cent UK withholding tax and the
UK/South African double taxation treaty rate of 15 per
cent.
The PID element of the 2024 interim
cash dividend will be exempt from income tax but will constitute a
dividend for Dividends Tax purposes, as it will be declared in
respect of a share listed on the exchange operated by the
JSE. SA Dividends Tax will therefore be withheld from the PID
element of the 2024 interim cash dividend at a rate of 20 per cent,
unless a shareholder qualifies for an exemption and the prescribed
requirements for effecting the exemption are in place by the
requisite date. Certain shareholders may
also qualify for a reduction of SA Dividends Tax liability to 5 per
cent, (being the difference between the SA dividends tax rate and
the effective UK withholding tax rate of 15 per cent) if
the prescribed requirements for effecting the
reduction are in place by the requisite date.
Non-PID: The non-PID element of
the 2024 interim cash dividend will be exempt from income tax but
will constitute a dividend for SA Dividends Tax purposes, as it
will be declared in respect of a share listed on the exchange
operated by the JSE. SA Dividends Tax will therefore be withheld
from the non-PID element of the 2024 interim cash dividend at a
rate of 20 per cent, unless a shareholder qualifies for an
exemption and the prescribed requirements for effecting the
exemption are in place by the requisite date.
Other overseas
shareholders
Other non-UK shareholders may be
able to make claims for a refund of UK withholding tax deducted
pursuant to the application of a relevant double taxation
convention. UK withholding tax refunds can only be claimed from
HMRC, the UK tax authority.
Additional information on PIDs and
ordinary dividends (non-PIDs) can be found at:
https://www.shaftesburycapital.com/en/investors/investor-information/reit.html
The salient dates in the dividend
timetable included in the interim results announcement published on
Wednesday, 31 July 2024 remain unchanged.
Shaftesbury Capital has a primary
listing on the LSE and secondary listings on the Main Board of the
Johannesburg Stock Exchange and the A2X.
Enquiries:
Ruth Pavey
Company Secretary
Shaftesbury Capital PLC
Tel: + 44 (0) 20 3214 9150
13 August 2024