A7 Dividends and appropriations
A7 – Dividends and appropriations
This note analyses the total dividends and other appropriations we have paid during the year. The table below does not include the final dividend proposed after the year end because it is not accrued in these financial statements.
| 2009 £m |
2008 £m |
|
|---|---|---|
| Ordinary dividends declared and charged to equity in the year | ||
| Final 2008 – 19.91 pence per share, paid on 15 May 2009 | 527 | — |
| (Final 2007 – 21.10 pence per share, paid on 16 May 2008) | — | 554 |
| Interim 2009 – 9.00 pence per share, paid on 17 November 2009 | 248 | — |
| (Interim 2008 – 13.09 pence per share, paid on 17 November 2008) | — | 348 |
| 775 | 902 | |
| Preference dividends declared and charged to equity in the year | 17 | 17 |
| Coupon payments on direct capital instrument | 61 | 56 |
| 853 | 975 |
Subsequent to 31 December 2009, the directors proposed a final dividend for 2009 of 15.0 pence per ordinary share (2008: 19.91 pence), amounting to £415 million (2008: £527 million) in total. Subject to approval by shareholders at the AGM, the dividend will be paid on 17 May 2010 and will be accounted for as an appropriation of retained earnings in the year ending 31 December 2010.
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%).
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