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2021 Final Dividend - Exchange Rate
CAPITAL & COUNTIES PROPERTIES PLC
(Incorporated and registered in the United Kingdom
and Wales with registration Number 07145041 and
registered in South Africa as an external company
with Registration Number 2010/003387/10)
JSE code: CCO ISIN: GB00B62G9D36
LEI: 549300TTXXZ1SHUI0D54
(“Capco” or “the Company”)
2021 FINAL DIVIDEND - EXCHANGE RATE
This announcement sets out additional information relating to the 2021 final dividend of 1.0 pence per
ordinary share (of which 0.50 pence will be paid as a property income distribution (“PID”) and 0.50
pence will be paid as an ordinary dividend) which is to be paid on Friday 8 July 2022 to all shareholders
registered on Friday 10 June 2022. The proposed final dividend is subject to approval by shareholders
at the Company’s Annual General Meeting, to be held on 28 June 2022.
Exchange Rate for Final Dividend:
The Company confirms that the ZAR exchange rate for the 2021 final dividend will be 19.5863 ZAR
to 1 GBP, which is the rate determined on 30 May 2022.
On this basis, shareholders who hold their shares via the South African register will receive a cash
dividend of 19.58630 ZAR cents per ordinary share (17.62767 ZAR cents net of UK withholding tax).
PID, NON-PID and WITHHOLDING TAXES
The PID element of the 2021 final dividend will be subject to deduction of a 20 per cent UK withholding
tax unless exemptions apply. The non-PID element will be treated as an ordinary UK company
dividend. SA dividends tax will also apply, where applicable. Details of the split (per ordinary share),
and withholding taxes are set out below:
UK (p) SA (ZAR cents)
Total (gross) 1.00 19.58630
PID (gross) 0.50 9.79315
UK withholding tax (20%) 0.10 1.95863
PID (net of UK withholding tax) 0.40 7.83452
Less effective 5% SA dividends tax for SA - 0.48966
shareholders, where applicable*
Net PID payable 0.40 7.34486
Non-PID 0.50 9.79315
Less SA withholding tax (20%) - 1.95863
Net Non-PID payable 0.50 7.83452
* where the 20% SA dividends tax rate applies, this will be 1.95863 ZAR cents per ordinary share, and
after UK withholding tax and SA Dividends Tax have been withheld, the total net 2021 final dividend
will be 13.71041 ZAR cents per ordinary share (total net 2021 final dividend where 5% SA Dividends
Tax applies is 15.17938 ZAR cents per ordinary share).
Information for shareholders:
The information below is included only as a general guide to taxation for shareholders based on Capco’s
understanding of the law and the practice currently in force.
Any shareholder who is in any doubt as to their tax position should seek independent professional
advice.
UK shareholders - PIDs
Certain categories of shareholders may be eligible for exemption from the 20 per cent UK withholding
tax and may register to receive their dividends on a gross basis. Further information, including the
required forms, is available from the 'Investors' section of the Company’s website
(capitalandcounties.com), or on request from our UK registrars, Link Group. Validly completed forms
must be received by Link Group no later than the dividend Record Date, as advised; otherwise the
dividend will be paid after deduction of tax.
South African shareholders
The final dividend declared by the Company is a foreign payment and the funds are sourced from the
UK.
PIDs: South African shareholders may apply to HMRC after payment of the PID element of the
dividend for a refund of the difference between the 20 per cent UK withholding tax and the UK/South
African double taxation treaty rate of 15 per cent.
The PID element of the cash dividend will be exempt from income tax but will constitute a dividend for
Dividends Tax purposes, as it will be declared in respect of a share listed on the exchange operated by the
JSE. SA Dividends Tax will therefore be withheld from the PID element of the final cash dividend at a rate
of 20 per cent, unless a shareholder qualifies for an exemption and the prescribed requirements for effecting
the exemption are in place by the requisite date. Certain shareholders may also qualify for a reduction of
SA Dividends Tax liability to 5 per cent, (being the difference between the SA dividends tax rate and
the effective UK withholding tax rate of 15 per cent) if the prescribed requirements for effecting the
reduction are in place by the requisite date.
Non-PID: The non-PID element of the cash dividend will be exempt from income tax but will constitute
a dividend for SA Dividends Tax purposes, as it will be declared in respect of a share listed on the
exchange operated by the JSE. SA Dividends Tax will therefore be withheld from the non-PID element
of the final cash dividend at a rate of 20 per cent, unless a shareholder qualifies for an exemption and
the prescribed requirements for effecting the exemption are in place by the requisite date.
Other overseas shareholders:
Other non-UK shareholders may be able to make claims for a refund of UK withholding tax deducted
pursuant to the application of a relevant double taxation convention. UK withholding tax refunds can
only be claimed from HMRC, the UK tax authority.
The salient dates in the dividend timetable published in the announcement published on 23 February
2022 remain unchanged.
Enquiries
Ruth Pavey
Company Secretary
Capital & Counties Properties PLC
+ 44 (0) 20 3214 9170
31 May 2022
Sponsor
Java Capital
Date: 31-05-2022 10:45:00
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