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Dividends not being paid?


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Hi guy

I'm relatively new here but I have noticed a strange withdrawal from my share dealing account.

It turns out to be a dividend that I got from MTCH back in December ($2 per share special dividend). I reinvested those funds in other stocks I already own, so the cash in my account was sitting at £100 for a month or two. But I have just noticed I'm in negative balance by -£188!  This is now three months after I got the dividend and now they took it off me? Is this normal?  I've been scanning my statements to see if there is an obvious explanation but I can't work it out.?

 

Edit: I have had a look back to previous months and they've done it again with another dividend I got! CME dividend paid on the 27th of december and taken back on the 11th of January.

Is this normal here at IG?

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  • 1 month later...

I'm having the same problem with the same MATCH dividend. 

 

I've experienced the same bizarre treatment. IG withdrew money from my ISA on the 23rd, in relation to the $2 special dividend on MATCH, then credited me a greater amount on the 25th. This means I'm missing 89% of my dividend amount. 

 

IG have advised me as follows, without specifying which aspect could be affecting me in this instance: 

 

Dividend reclassification refers to changes companies make to all or part of previously reported dividend income to some other tax classification.

 

•             A dividend is a distribution of a company’s earnings and profits.

•             A distribution by a corporation is taxed as a dividend to the extent of the corporations' earnings and profits, and any distribution in excess of the earnings and profits is generally a non-taxable return of capital.

•             In some cases, a company may have paid out more in distributions than it earned during the year.

•             In this situation, all or part of the distribution may be reclassified from a taxable dividend to a return of capital which is generally non-taxable.

•             A dividend may also be reclassified in other ways (i.e. the reallocation of ordinary dividends to tax-qualified dividends or dividends to capital gain distribution.

 

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