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To all.
Look around at the high positive comments Tesco is receiving.
To many here are only looking at this news as a personal financial one and not the company business decision, which in there view is the right thing to do morally correct in the circumstances.
The company has lost out in the short term with the additional costs, however the long term gains from this announcement and the favourable headlines received throughout covid will do the company very well, i have no doubt.
I am an ex employee and know that stores in my region are trading very well at this stage of year.
Some customers are quite savvy and have no particular loyalty, but any company doing the right thing gets recognition and footfall will increase further.
The other supermarkets have been outdone by Tesco today, the pressure will be on all of them to follow, those who don't may live to regret it.
Could never see any politician or member of the public objecting to the money being kept by the company. The additional staff employed by supermarkets will eventually be returned in kind through tax on their wages by staff not relying on welfare. Simple economics.
Could have got better PR by using the money for community schemes. Food banks for example.
Well said EdGasket !
Rosewell, Look do we live in a communist state where all profits have to be returned to the government? What about the risk I took investing in Tesco through the pandemic? What about the complete wipeout I've had on some of my other shares due to Covid? Are the government giving me money back that I lost? No they aren't. So don't get on your high horse.
Tesco were entitled to rates relief due to additional costs of Covid and shareholders are entitled to any profit and assets of Tesco. End of.
Due to pandemic they faced over £735m extra costs and still decided to return rate relief? Board must be bunch of freaking nuts to think they can spend shareholders money as they wish. Shouldn’t such amount of spending be voted by shareholders?
Edgasket
"All Tesco have done is spent what is rightly ours"
You were doing so well up to then. That money is not rightly ours. That is a shocking statement.
Saintly, Tesco are NOT doing a good thing here and neither are they returning taxpayers money. Instead they have wasted shareholder's funds by returning Covid relief to the government which the government doesn't want because the government wants money in the economy to stimulate it. That is why the government is creating so much currency. All Tesco have done is spent what is rightly ours and in doing so trashed prices of their own and other shares in the sector.
My understanding of "funny money" is that the Bank of England, magics the money out of thin air and then sells it in the form of bonds to buyers e.g. UK Government. It is these bonds that are then repaid with "real money" (or more borrowed funny money) over time. Is that the process in the simplest of terms?
I heard last week that the loan that was taken out to pay for the compensation to slave owners on emancipation (about £20 billion in today's money) nearly 200 years ago was finally paid off in 2015. Heck knows how long it will take to repay £400 billion for Covid).
Leas
"You will qualify if you hold shares prior to the sale being finalised. The completion of the sale is in effect the ex div date. "
Where did you get the information about the ex div date? I don't remember that being in the published circular. A company can determine a date independently of the sale date.
Remember, part of the money coming, we hope, from the sale of the Asian businesses was for working capital, I think in excess of £200 million from memory, this will make a dent in the repayment. Also, the repayment will reduce the tax bill and may not have as large an impact as you may think.
Could be some strategy involved here,. look for some big buys at the lower share price .. either way I think Tesco can handle this payment .. competitors will probably be shamed into doing likewise ..
Thanks for reply
We have a 10% bonus on the way for the month of December for all hours worked.
Stores are trading well market share growing my Center over a million pounds per week up on sales.
A dot com store.
dazz
Not invested here but on my watch list. You will qualify if you hold shares prior to the sale being finalised. The completion of the sale is in effect the ex div date. The question I asked earlier is whether or not that special dividend payment will be subject to tax. I know it will not be CGT as your investment does not gain any capital due to the sp being adjusted down accordingly.
Could do with a poster who has an accountancy background.
What the criteria to receive any special dividend please?
A £580m bonus for shop workers / pickers and delivery drivers makes more sense. Tesco is messed up for paying the Gov who can print more cash if needed.
Hi dadlan agree about Greece however our ratings were slashed a few years back I’m glad we are out of the EU Germany will be bailing out a few more countries soon.
Greece is a poor comparison Johnny, Greece defaults while Britain stands resolute against its debts, that's why Britain at times can have higher debt to gdp than even Greece, while maintaining much higher credit worthiness. Gla
Is the expected special dividend from the Far East sale subject to tax?
Well sorry guys, if dougs 'in' that doesnt bode well.
At the moment interest rates are low this will not always be the case.
The higher the national debt the lower our credit rating.
Look what happened to Greece unable to borrow.
So we will all pay the piper at some point.
Local governments will be squeezed services slashed.
So it’s the right thing to do
Personally I'm proud to own a tiny % of a company that "does the right thing". You reap what you sow. The initial short term hit to the SP will be rewarded multiple times in the future. Well done TSCO.
ABSOLUTE IDIOTS!
Who gives government funny money back?? Don't they understand it isn't taxpayers money its QE money created out of thin air. I am disgusted and sold my shares.
Tax payers money is a strange concept, do you really think the tax payer stumped up this money, or will ever pay this contribution to national debt? Simply they won't, the funds are simply printed or sometimes borrowed money that will never be paid back. The gov debt effectively is never paid back but grows through the decades and centuries, albeit remaining relatively in proportion to gdp. So it wasn't or isn't tax payers money {maybe it was our money} . But I can appreciate its often better to be seen to be doing the right thing even if you don't believe in it or want to do it.... I'm happy to be invested in tesco for now, will invest more once the capital return is out the way, don't fancy paying that additional dividend tax..... If that's how it works out
Good to see Tesco lead by example. Sound justification to return tax payers money and lets hope others within the sector follow. At the end of the day everyone is going to have to pay for the costs related to this pandemic. I for one am glad that Tesco have made this decision though I am sure there are others who will disagree. Well done Tesco.