Dividend blow in Banco Santander bid for Britain's Abbey National.

From: Daily Mail (London) | Date: August 8, 2004 | Copyright information

Byline: Helen Dunne

Aug. 8--Abbey shareholders will have 15 per cent automatically withheld from their dividend payments if Banco Santander succeeds in its takeover bid.

The tax deduction would be imposed on Banco Santander by the Spanish government, and Abbey's 1.7 million small shareholders would be unable to reclaim it.

This raises the spectre of pensioners or people on low incomes who do not pay tax in Britain being taxed by another European government.

It also means that the special dividend that Banco Santander has promised on completion of the deal will be ...

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