(LGEN) Legal & General Grp

http://moneyography.com/sell-in-may-and-go-away-buy-again-on-st-leger-day-3

Legal & General, one of Britain's biggest insurance and pensions providers, is poised to name a new chief executive as soon as next week, I have learned.
Nigel Wilson, the company's finance director since the autumn of 2009, is expected to be unveiled as the successor to Tim Breedon, who will step down later this year, people close to the situation tell me.

http://blogs.news.sky.com/kleinman/Post:b368eba2-746f-4920-a21b-b4ad91c23ff5

LGIM Total assets under management up from 371 to 383 billion since year-end and the share

price falls! Wonderful.

Very positive statement overall??

Masterblender,

"if you use dividend reinvestment i.e. you use the dividend to automatically buy new share then this is exempt from higher rate tax"

Jezinho is right, you've got to pay higher rate tax whether you take the divi in cash or stick it in a divi reinvestment programme if you have to make a Self Assessment tax return.

However, there will be many many thousands of people in Blighty who are actually able to avoid that HRT.

If you are fortunate enough never to have had to file a Self Assessment tax return and you are an employee earning under £100k and have savings and investment income (outside an Isa) of under £10k (and you meet a few other criteria) you don't have to make a Self assessment tax return for the year to 5/4/12.

There must be a lot of people on an annual screw of, say, £50k to £99k, with shares held outside an Isa (or a Sipp) worth, say, £250k.

If that £250k is invested in shares at a yield of 3.6% your income is below £10k and you therefore do not have to make a tax return and therefore do not have to pay higher rate tax on the income from that £250k.

That strikes me as both iniquitous and totally incompetent on the part of HMRC. Such an individual obviously ought to be paying HRT on his divi income, but isn't, probably because the tax monkeys at HMRC are so stretched that they don't actually want to have a load more Self assessment tax returns being made than are already made.

Gideon's missing a trick there!

LKH on the flybridge