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  • FIRST POST
    • Denniscat
    • By Denniscat 5th Oct 17, 12:14 PM
    • 2Posts
    • 1Thanks
    Denniscat
    Santander Shares and my tax return
    • #1
    • 5th Oct 17, 12:14 PM
    Santander Shares and my tax return 5th Oct 17 at 12:14 PM
    Hiya, just a wee query for my tax return
    I have had Abbey National shares, now Santander for years, I used to take the dividends each quarter but now i choose to reinvest this money in buying more santander shares each quarter, this happens automatically so I don't see the cash, it just goes straight to buy a share or 2, we are ony talking £5.00 to £8.00 per quarter.
    What do I need to put on my tax return as dividends.. if anything. Thanks in advance for your help
Page 1
    • bigadaj
    • By bigadaj 6th Oct 17, 2:25 AM
    • 10,336 Posts
    • 6,635 Thanks
    bigadaj
    • #2
    • 6th Oct 17, 2:25 AM
    • #2
    • 6th Oct 17, 2:25 AM
    The dividends are income so need to be reported as such on your tax return.

    Do you get charged for this transaction as this could make it very inefficient, do you hold these on a platform or in paper form?
    • Denniscat
    • By Denniscat 6th Oct 17, 8:00 PM
    • 2 Posts
    • 1 Thanks
    Denniscat
    • #3
    • 6th Oct 17, 8:00 PM
    • #3
    • 6th Oct 17, 8:00 PM
    Thanks for your help, effectively they are paper held directly with Santander, I think I will go back to taking the dividends in future rather than reinvesting in shares, best wishes
    • ColdIron
    • By ColdIron 6th Oct 17, 8:26 PM
    • 3,470 Posts
    • 4,093 Thanks
    ColdIron
    • #4
    • 6th Oct 17, 8:26 PM
    • #4
    • 6th Oct 17, 8:26 PM
    The tax treatment of the dividends you receive is the same regardless of whether you take them as a cash payment or use them to purchase more shares
    • jennyjj
    • By jennyjj 7th Oct 17, 8:45 PM
    • 214 Posts
    • 336 Thanks
    jennyjj
    • #5
    • 7th Oct 17, 8:45 PM
    • #5
    • 7th Oct 17, 8:45 PM
    Hiya, just a wee query for my tax return
    I have had Abbey National shares, now Santander for years, I used to take the dividends each quarter but now i choose to reinvest this money in buying more santander shares each quarter, this happens automatically so I don't see the cash, it just goes straight to buy a share or 2, we are ony talking £5.00 to £8.00 per quarter.
    What do I need to put on my tax return as dividends.. if anything. Thanks in advance for your help
    Originally posted by Denniscat
    Sorry to not add a reply to the original question, but all we Santander shareholders should know that there are really nasty and silly obligations on most of us to fill in Spanish tax forms in Spanish and return those forms to Madrid in paper form each January, or at least upon selling or transering any Santander Shares.
    https://www.google.co.uk/search?q=santander+spanish+tax+form&rlz=1C1CHBF_en GB696GB696&oq=santander+spanish+tax+form&aqs=chrom e..69i57.13463j0j8&sourceid=chrome&ie=UTF-8
    or tiny url . com/ybyfakj3

    Probably very few of us do, and probably nothing will come of it, but the problem does exist.
    • caper7
    • By caper7 9th Oct 17, 2:40 AM
    • 70 Posts
    • 19 Thanks
    caper7
    • #6
    • 9th Oct 17, 2:40 AM
    • #6
    • 9th Oct 17, 2:40 AM
    Sorry to not add a reply to the original question, but all we Santander shareholders should know that there are really nasty and silly obligations on most of us to fill in Spanish tax forms in Spanish and return those forms to Madrid in paper form each January, or at least upon selling or transering any Santander Shares.
    https://www.google.co.uk/search?q=santander+spanish+tax+form&rlz=1C1CHBF_en GB696GB696&oq=santander+spanish+tax+form&aqs=chrom e..69i57.13463j0j8&sourceid=chrome&ie=UTF-8
    or tiny url . com/ybyfakj3

    Probably very few of us do, and probably nothing will come of it, but the problem does exist.
    Originally posted by jennyjj
    This is the only reason I haven't sold the damn things!
    I also hear you have to deliver the form in person or use an agent of some sort, not sure if that's true, but if so the cost of selling would be far too much for me to stomach.

    However, the recent rights issue has actually put all/most of us in that situation anyway, apparently.
    There was an article in the Telegraph about it, the journalist stated he wasn't going to bother submitting the tax return.
    I am usually an absolute stickler for honesty and playing by the rules, but if I've understood correctly, there is a double taxation aggreament between the UK and Spain, so most of the 1.4 million UK Santander shareholders don't actually owe any Spanish tax.
    We would be filling in a tax return to tell them we owe nothing, and if this needing an agent to hand deliver the return business is true, the cost would wipe out any rights issue money for most I would have thought.

    I would be interested to know what others are doing, especially since if like me, you got your shares on the back of Alliance& Leicester demutualisation, the sums are small. Too small to warrant this level of nonsense.
    • frugalmacdugal
    • By frugalmacdugal 9th Oct 17, 3:16 AM
    • 6,133 Posts
    • 5,259 Thanks
    frugalmacdugal
    • #7
    • 9th Oct 17, 3:16 AM
    • #7
    • 9th Oct 17, 3:16 AM
    Hi,

    this from GOV.UK,



    4. Paying tax on foreign income

    You usually need to fill in a Self Assessment tax return if you’re a UK resident with foreign income or capital gains. But there’s some foreign income that’s taxed differently.
    You don’t need to fill in a tax return if your only foreign income is dividends under £300 in total and you don’t have anything else to report.
    Y'all take care now.
    • caper7
    • By caper7 9th Oct 17, 3:24 AM
    • 70 Posts
    • 19 Thanks
    caper7
    • #8
    • 9th Oct 17, 3:24 AM
    • #8
    • 9th Oct 17, 3:24 AM
    Unless I am misunderstanding you, my post wasn't about filling in UK tax returns, it was about having to fill in Spanish ones as well when selling/transfering shares.

    Oops, perhaps you were responding to the original post. Apologies.
    Last edited by caper7; 09-10-2017 at 3:28 AM. Reason: Thought previous post was in response to mine
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