Barnsley Building Society Windfall.

longleggedhair

Wondered if anyone had heard anything since the Yorkshire promised to "consider" making a distribution to Barnsley members once they had recovered the Icelandic funds. From memory they said they would consider this payment at the end of 2011 but I have not as yet heard anything.

longleggedhair

Any thoughts?

Chadsman

I reckon the chances of a windfall are remote- if it does happen it will probably be only a token amount.

opinions4u

It's not the end of 2011 yet.

I think there will be a modest payment. By all accounts the wind up of the Icelandic exposure is recovering a little bit more than was originally expected.

Yorkshire Post article.

http://www.yorkshirepost.co.uk/news/around-yorkshire/local-stories/building_society_members_facing_year_s_wait_for_iceland_windfall_1_3030886

Implies in the maths that £150 wil be the minimum amount and probably a bit more.

longleggedhair

I had expected a payment of around £200, I think they should get on with it now and payout the cash, be nice in time for xmas.

marmaliser

Received a chq yesterday out of the blue from the Barnsley BS. £250 less Tax = £200

pqrdef

Tax? What tax?

Biggles

According to ThisIsMoney:-
Taxation of windfalls differs when they are the result of a merger rather than a takeover.
When building societies are taken over and shed their mutual status to become banks quoted on the stock exchange, any windfalls are taxed as a capital gain. But bonuses paid out when societies merge come under different rules - and are taxed as income.

mulronie

Same here, I got my £20 (£25 less 20% tax) in the post this morning.

Although for me it's more like £6.66 for each of the Barnsley, Chelsea and Norwich & Peterborough. Best to forget the hundreds of millions of pounds of members' reserves merrily gifted to the Yorkshire BS by hapless directors, and voted through (if the FSA deigned to give us a vote) by the same clueless majority that overwhelmingly approves the annual remuneration report and re-elects the same old mafiosi every single year.

Milarky

My thoughts were: are 28,000 people actually sharing the £8.6m recovered or only a part of it?

theGrinch

http://www.telegraph.co.uk/finance/personalfinance/building-societies/9734297/5000-windfalls-for-building-society-members.html

begs more questions than it answers