How much of the return on equities comes from income as opposed to capital? Given the trend towards buybacks, one might reasonably expect the income component to be lower for US than for UK and that is what I have found.

For periods of 15 years falling within 1962 to 2018, the UK income component averaged 41% (being much lower at 31% for US). Excluding the last 6 years, the UK income component was lower at 39% for 1962-2012. However, extending the period for 4 years, the UK income component was 44%.

While UK actuaries commonly used to assume it would be 50%, this would now be an overstatement.