Banco Santander Share Discussion Threads

[oniabsta] 30/3/2014 11:23

Thinking of investing.
Would someone kindly tell me what the tax situation is on divi's into an ISA?

copied this from Santander shareholder site:-

New Spain-UK double tax treaty
Spain and the United Kingdom agreed a new treaty for the avoidance of double
taxation in March 2013. The treaty will take effect three months after confirmation
that it has been approved under the parliamentary procedures required by both Spain and the United Kingdom.
For dividends paid after the treaty enters into force, the 15% lower rate of withholding tax referred to above shall be reduced to 10%. Accordingly, in relation to those dividends:

• UK residents may be eligible to apply for a lower rate of withholding tax of 10%,
or for a refund of any withholding tax deducted in excess of 10%; and
• the maximum rate of Spanish withholding tax that can be credited against a
shareholder's UK tax liability will be reduced to 10% of the gross dividend
(excluding any withholding tax which is eligible to be refunded).

Must confess it is still as clear as mud to me. Does this mean that we receive
the divi as stated ie. 15 cents per quarter or does my broker have to reclaim tax?

appreciate any guidance here.

[pvb] 06/3/2014 11:18

I suppose that depends on the price the securities are issued at and under what contingencies they convert. We'll have to look at the prospectus.

A little more here:

[cwa1] 06/3/2014 10:53

Hi

I'm sorry but I don't think I can add much to what they have already said! BUT they have announced today the results of the issuance, IMHO it is good to see investor appetite for the issuance and Santander improving their Tier 1:-



MATERIAL FACT
Further to the material fact notified earlier today, Banco Santander, S.A. ("Banco Santander" or the "Bank") informs that, following completion of the accelerated bookbuilding process, the final terms and conditions of the issue of contingent perpetual preferred securities convertible into newly issued ordinary shares of Banco Santander (the "Issue" and the "PCCS"), for a nominal value of EUR 1,500,000,000, have been approved.
The PCCS will be issued at par and its remuneration, whose payment is subject to certain conditions and to the discretion of the Bank, has been set at 6.25% on an annual basis for the first five years. After that, it will be reviewed by applying a margin of 541 basis points on the five-year Mid-Swap Rate.
Banco Santander has requested the Bank of Spain to qualify the PCCS as additional tier 1 under the new European rules on capital requirements set by European Regulation 575/2013. The PCCS are perpetual although they may be called under certain circumstances and would be converted into newly issued ordinary shares of Banco Santander if the common equity Tier 1 ratio of the Bank or its consolidated group, calculated in accordance with European Regulation 575/2013,were to fall below 5.125%. An application will be made for the PCCS to be admitted to trading on the Global Exchange Market of the Irish Stock Exchange.

[aileron] 06/3/2014 08:50

Cwa1,Thanks for the post, could you be so kind as to translate that into what it means to us investors.Discl. I'm long BNC.

[acamas] 06/3/2014 08:19

Is this a form of share dilution?

[pvb] 05/3/2014 08:19

BNC debt upgraded a notch by Moody's, following upgrade of Spanin's sovereign debt:




BNC to issue convertible contingent perpetual preferred securities:

[cwa1] 05/3/2014 08:07

Banco Santander S.A.
05 March 2014
MATERIAL FACT
Banco Santander, S.A. ("Banco Santander" or the "Bank") informs that its Executive Committee has resolved to carry out an issue of contingent perpetual preferred securities convertible into newly issued ordinary shares of the Bank, excluding pre-emptive subscription rights and for a nominal value of up to EUR 1,500,000,000 (the "Issue"). The Issue will be carried out through an accelerated bookbuilding process and will be targeted only at qualified investors.
Banco Santander will disclose the final terms of the Issue once they have been decided.
Boadilla del Monte (Madrid), March 5, 2014

[its the oxman] 11/2/2014 18:47

Or at least hope. Broker targets anyone?

[its the oxman] 10/2/2014 12:05

Added a few 534p. Going places over the next few years I reckon.

[sanks] 30/1/2014 17:46

No dendri..still got it..sanksalot.

Thats why i know its coming for my £3.37 level 4 target
Don't worry, it'l start making some sense soon.

Hope it helps

[dendria] 30/1/2014 13:07

BNC Div maintained for another year:

Botín: "The board will propose maintaining the dividend at EUR 0.60 a share in 2014 for the sixth consecutive year"

[dendria] 30/1/2014 08:09

Santander Profit Doubles on Lower Charges for Bad Loans:



Misses forecasts though.

[dendria] 29/1/2014 19:07

sanks - have you lost your Gas Safe accreditation....?

[tricky1992000] 29/1/2014 18:24

sanks, should you not be targeting south african based companies to short based on the fall in value of the rand?

[sanks] 29/1/2014 15:24

Looks like its heading for my £3.37 level 4 entry target

[keith95] 25/1/2014 21:09

.... so Abbey National, Alliance & Leicester, and the good bits of Bradford and Bingley become re-listed on the London Market .... as one.

Grrrrrrrrrr

[dendria] 25/1/2014 17:05

From the Mail 'Confident Santander is set for London stock market floatation this year':

[dendria] 13/1/2014 18:32

Scrip is 1:43

[keith95] 09/1/2014 12:31

... I may sell just before the script divi is due ... AJ Bell is starting to annoy me because the site is often down ...

[dendria] 09/1/2014 08:59

IWeb are great value for their services. They offer the BNC scrip but only as the default and only option - you don't get the cash option - I'm happy with that for now.

[onlyonestorm] 09/1/2014 08:56

Acamas - same here!

Stormy

[acamas] 09/1/2014 08:53

If it is any help all my shares in BNC are inside a Barclays share ISA and I get the script issue each time because that was my election and will remain so for the foreseeable future

[keith95] 09/1/2014 08:48

rat attack... Then you need to move to a provider that gives the script dividend .. or at the very least open up a new SIPP that gives you access to the script with smaller fees and move BNC into that portfolio .. I'm considering this option.

[rat attack] 08/1/2014 18:58

M1das_Touch - I wouldn't have a problem with the AJ Bell fees, if I could get the scrip option, but they have previously flatly refused to make this available. Being forced into a cash dividend is costing me approx £750 per annum because of the 21% spanish withholding tax. Quite simply this is outrageous and far from fair!!

[m1das_touch] 08/1/2014 18:20

To be fair to AJ Bell, they did promise no account fees until 2014 and said that they would then have to review because of RDR. I think they've come up with a pretty reasonable fee structure, and they're still cheaper than a lot of other brokers & SIPP providers. Their service isn't bad, although admittedly pretty basic.