The dates of a dividend, in the order they fall
A dividend carries four dates, and a shareholder acts on one of them. Mixing them up is the commonest way to expect a payment that was never due. This page defines each date and shows how they relate, with no company's real dates: those are inside the notices this site links to, not read by it.
The four dates
In the order they fall.
| Date | What it is | What a shareholder does |
|---|---|---|
| Declaration date | The day the dividend is announced, with its amount | Reads the announcement |
| Qualification date | The day the register decides who qualifies | Must be on the register by then |
| Closure of the register | The period around that date during which the register is closed to changes | Cannot change the register's holdings |
| Payment date | The day the registrar pays | Checks the account in the mandate |
Why buying early matters
Shares are on the register only after a purchase has settled. Because settlement takes time after the trade, a purchase must be made some trading days before the qualification date. How many, the exchange's settlement cycle decides; your broker will give you the last day to buy for a given dividend.
The rule runs the other way when you sell: a sale made after you have qualified does not take the dividend from you.
An example with no real company
Suppose a company announces a dividend with a qualification date of a Friday and a payment date two weeks later. A holder on the register at the Friday qualifies; one whose purchase settled on the Monday after does not. The payment two weeks later goes to the qualified holder's mandate account, net of withholding tax.
The example is arithmetic on definitions, not a record of any announcement.
Where the real dates are
Real dates are in each company's notice. The notices page lists the exchange's dividend notices of the last months by date and title, each with a link to the notice itself.
At a glance
Continue reading
Questions about dividends
Which date decides who gets the dividend?
The qualification date: the register is read that day.
Can I buy on the qualification date and still qualify?
Not if the purchase has not settled by then. Settlement takes time, so the last day to buy is earlier; ask your broker for it.
Is the payment date the same for every company?
No. Each company sets its own.
Are real dates on this site?
Not as figures. The notices page links to the notices that carry them.
A CFD account is not the same as holding shares
The guides on this site describe buying shares through a local broker and a CSCS account. If you open a CFD account with an international broker, you hold a price contract, not the share itself. Read the contract terms before you rely on any dividend adjustment.