IFRS condensed financial statements
A7 - Dividends and appropriations
| 6 months 2009 £m |
6 months 2008 £m |
Full year 2008 £m |
|
|---|---|---|---|
| Ordinary dividends declared and charged to equity in the year | |||
| Final 2007 – 21.10 pence per share, paid on 16 May 2008 | - | 554 | 554 |
| Interim 2008 – 13.09 pence per share, paid on 17 November | - | - | 348 |
| Final 2008 – 19.91 pence per share, paid on 15 May 2009 | 527 | - | - |
| 527 | 554 | 902 | |
| Preference dividends declared and charged to equity in the year | 9 | 9 | 17 |
| Coupon payments on direct capital instrument | – | – | 56 |
| 536 | 563 | 975 |
Subsequent to 30 June 2009, the directors proposed an interim dividend for 2009 of 9.0 pence per ordinary share (six months to 30 June 2008: 13.09 pence), amounting to £247 million (six months to 30 June 2008: £348 million) in total. The dividend will be paid on 17 November 2009 and will be accounted for as an appropriation of retained earnings in the year ending 31 December 2009.
Interest on the direct capital instrument issued in November 2004 is treated as an appropriation of retained profits and, accordingly, it is accounted for when paid. Tax relief is obtained at a rate of 28.0% (2008: 28.5%).