Wiseman in move to let shareholders avoid top tax

ROBERT Wiseman Dairies is to bring forward its final dividend to allow shareholders to avoid a new top tax threshold.

The East Kilbride group, which reported record milk volumes despite the recent snow, will pay a "second interim dividend" of 12.25p to shareholders on its register on 19 February, giving a total dividend of 18p. Wiseman said it was "unlikely" it would pay a full year dividend in September.

Chancellor Alistair Darling unveiled a range of new higher taxes on top earners last year, with the tax on dividend income for high earners increasing by 10 per cent to 42.5 per cent.

A spokesman said the move had been taken following advice and was in the best interests of its shareholders. "We are continuing to build on our good record for delivering dividend growth and acting in the best interests of our shareholders."

Rathbone Brothers, the listed wealth manager, announced a similar move earlier this month.

The biggest benefactors of the move sit on Wiseman's board, with brothers Robert and Alan Wiseman, the chief executive and chairman of the company, who between them own almost a third of the company's shares.

Thousands of wage earning staff are also set to receive a bonus, with Wiseman giving 3,500 of its workers an extra 100 for additional work during the recent heavy snow.

Wiseman praised its staff yesterday, revealing that during the snow it collected all but 0.4 per cent of its volume from farmers, as drivers worked extended shifts and farmers cleared farm roads.