# Dividend payout calculation error?

I got a huge dividend payout yesterday of ÂŁ0.37 (Iâ€™m rich!) but I couldnâ€™t make sense of the calculations - Iâ€™m not sure if Iâ€™m reading the calculations incorrectly or thereâ€™s a mistake.

Iâ€™m not complaining as I think I should have got less, but just flagging in case anyone is not looking at the calculations and having similar issues and maybe getting less than they should.

As per the screenshot the GBP amount per share is approx ÂŁ0.13 and I have a tiny bit over 2 shares so would expect ÂŁ0.26 - ÂŁ0.27.

Has anyone else had the same?

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It looks like theyâ€™ve ignored the withholding tax when calculating the â€śGBP rate per shareâ€ť and then just multiplied that value by the number of shares.

No that doesnâ€™t work either (\$0.22 x 2.0066 x 0.713 = 0.31)

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Looking at the calculations this is what I can see

(0.22 *0.85) = 0.187 USD amount per share less tax
0.187 * 0.7103 = 0.1328261 GBP actual amount received per share in GBP

Hope this helps

Edit:
Calculation per share is correct, but the total looks off.

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But it says shares held is ~2, and 2*0.13xxx is not 0.37.

Yes agreed, I canâ€™t see any other way the correct amount isnâ€™t approx 0.26 rather than the 0.37 that was paid

Not really - see above answer, 2 shares x ÂŁ0.13 isnâ€™t ÂŁ0.37! Itâ€™s almost like itâ€™s ignoring the FX rate and doing 1:1 USD to GBP conversion (but completely guessing there)

But the OP said he received 37p. I understand your maths but itâ€™s just confirming that the dividend paid is seemingly incorrect.

@samtuckett Did you actually get 37p paid in to your account?

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Yep 37p paid in! I was originally doing the maths when the dividend landed whilst I was up with my 9 week old baby at 4am so glad I actually got it right tbh!!

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Iâ€™ve had a check of previous US dividends Iâ€™ve received, and they do look to be calculated correctly, including previous apple dividends. Iâ€™d flag that one up to support to investigate.

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I can see a similar issue in my statement, where the implied GBPUSD is of 1 to convert from Net distribution to Total dividend. @samtuckett, I think that the same may apply in your case, and the difference between 0.38 and 0.37 may simply be due to different rounding rules.

If there is an error here, this has to be fixed soon (â€śtreating customers fairlyâ€ť rule in FCA handbook)

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Did you buy or sell any Apple shares between the Ex and payment dates?

I didnâ€™t

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Last purchase was 29th April for me. @Varsis messaged me and is looking into it

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I have got the same problem and I also wonder that are we have ÂŁ2000 dividend tax allowance (GIA account)? If yes why are we charged with 15% dividend income tax although itâ€™s within the allowance?

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