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Annual dividend

As a co-operative, Kent Savers pays a share of the profits each year to members in the form of a dividend on their shares. The dividend is based on each member’s average daily savings balance.  The dividend is decided by our members at our annual general meeting.

Dividend history

Period Dividend Approved Paid
October 2013 to September 2014 0.5% 10-Mar-2015 01-Apr-2015
October 2014 to September 2015 0.5% 26-Apr-2016 27-Apr-2016
October 2015 to September 2016 0.5% 25-Apr-2017 03-May-2017

Your dividend and tax

Although it is called a dividend because it is a discretionary payment from our profits, the money you receive from Kent Savers is treated as interest for tax purposes. We pay our dividends gross, i.e. they do not have tax deducted from them when we pay you.

The dividend is therefore taxable, although from April 2016 the government introduced several schemes for people on lower incomes such that they can receive some interest and dividends tax free.

If you have to complete a tax return it should be included on the form as Untaxed Interest in Box 2 on page TR3 of the paper form or in the equivalent section of the on-line Return.

If you do not prepare a tax return already, receiving the untaxed dividend from Kent Savers does not necessarily mean you will have to make a Return in future as there are minimum reporting limits for untaxed income, but if you are in any doubt you should talk to HM Revenue & Customs (Helpline 0845 900 0444) or seek the advice of a suitably qualified Professional Accountant or Tax Advisor.

Please note that the dividend may also count towards your income for tax credit and other purposes.

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Kent Savers Credit Union Tel: 0333 321 9050 Email: info@kentsavers.co.uk Web: http://www.kentsavers.co.uk
Kent Savers Credit Union is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation and Financial Conduct Authorities - Firm No. 503258