Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Thank you to The Clive for his helpful input.
For me it is worthwhile to apply Income tax rather than CGT because , unfortunately, I have tax losses from prior years that I can offset against gains.
For those who are taking a prurient interest in my Don Quixote-like tangle with the SA tax authorities, I have news.
My registration has been accepted, with no questions asked, and i have had a Live Chat. I am promised a phone call within 21 business days from a "consultant" who will tell me how to reclaim the WT. I remain sceptical but, hey, it's better than walking the streets.
Re: registering as sole trader:
Having held foreign stocks for many years with foreign taxes applied - it's fairly easy to offset the foreign dividend tax / WHT vs what you would pay in dividend tax in UK, so if you are higher (or additional) rate tax payer you would only then pay the difference of 33.75% - 20% (39.35% - 20%) in dividend tax, but getting rebates if basic rate tax payer is hard (but good luck).
One question though, if you are sole trader with share trading as your business surely gains are taxed at income tax rates rather than CGT rates, which for most would be much higher? Curious as to what circumstances make this worthwhile. In a future tax regime where CGT is charged at same rates as income tax levels, would make a lot more sense, as could offset CGT losses against income and tactically sell any assets that have losses to bring your overall tax rate down or sell assets with gains up to the top of the basic rate band.
I'm pretty sure yes...I think 750 easy actually, but takes time
Sats is one of the best tax collectors in the world, refunds not so good, SA government is cash strapped 😬
Yup. If I make any substantive progress I will let you know.
I wonder if this has legs to hit 600.
The issues of WHT has been discussed for years on here. I think the consensus is that the only way to recover some of it is to hold the shares in your own name or not through a nominee account. Virtually all of the platforms eh HL hold them through nominee accounts and can't be bothered to reclaim WHT.
Personally I sell just before the last trading day as most of the dividend is reflected in the share price anyway, so it drops aster by around the dividend value.
As always DYOR
I'd be grateful if you could keep us informed of your progress. I don't hold a great deal here but, like everyone else, I'd like to keep hold of as much of the dividend as possible...
Thanks.
Yes. I hear everyone's pain.
Well, amazingly, i have made a start. I have registered on the site and submitted the documents asked for and receipt has been acknowledged! Let's see what happens next although please don't think I am optimistic.
Ummm I m south Africa, I very much doubt sars will reply let alone help with giving you 20 percent they could keep, sorry but the truth
Nicely summarised damo. I particularly enjoyed use of the word "warming" in the context of a coal producer.
Good luck with that 69, I'm sure there are lots on here who would be interested if you became the first UK dom to crack the code.
Thanks for the response.
I am registered as a sole trader, my business being share trading. So trading gains/losses count as income alongside dividends, PAYE earnings, pension, interest etc. I cam also offset income against prior year trading losses. So if it turns out that I don't have to pay tax in 23/4, or at least not much, the my thinking is that i could reclaim the tax paid in SA (I assume there is a double taxation agreement with the UK.)
anyway, more in hope than expectation, i have registered on www.sars.gov.za to see if i can make any progress
I'm in here. Good results, and SP has bounced nicely - got plenty more upside here
WHT? Go and live in South Africa, it's the only way.
Does anyone have experience of reclaiming the Witholding Tax? What's the practical way of doing it? Many thanks.
Edwardseaton; totally agree. I WANT the energy transition, believe it is right, needed. But I'm in TGA, and many other 'dirty' energy producers because of the price disconnect caused by the timeline realisation disconnect. Dirty stuff will be needed for 30 years, and thereafter always needed to a minimal point. Dirty stocks are priced as if their product is going to be redundant/run out in 5 years.
On the results - it is obvious that mgmt are clear that their product has lifespan, albeit within a reducing market (and also within a reducing supply), and they are managing that acceptance. It is also warming to see that, irrespective of a particular years profits, that their focus is to return whatever those profits are.
Crazy indeed. But just buy the dividend for now. One of these days, reality will dawn.
People say this is a punt on the coal price. But that is grossly simplistic. What it really is is a punt on the future supply and demand for coal. I entirely agree with the presentation comments this morning - global supply will crumble many years before total demand even begins to decline.
I invest monthly, so in truth, I rather like these deranged prices.
Crazy drop for nothing by 6% high of 480 now back to 450! Crazy
Poor marshall wace timed their increase short wrong lol bunch of sc ummm
This remains a high-risk stock but the results this morning were decent. TGA is now trading on an EV:EBITDA multiple of 0.7x and a PE multiple of 3.2x. Dividend yield 17.6% (before 20% withholding tax) and share buybacks of ZAR500m starting this week. Ultimately nearly everything depends on the Richard Bay (and Newcastle) thermal coal prices, but there seems to be a management team prioritising returns to (the brave) shareholders. It seems like volumes will be maintained through new workings (RSA) and improved productivity (Australia). Entering a third geography would be pure guesswork but cash balances are a healthy $543m (DEC 31). Don't bet the house here. Strap yourself in and enjoy the ride.