Dividend Taxation Query

Hello @R0k. For some reason this seems a bit extreme to me but I might well be looking at this incorrectly.

Wouldn’t a €2 dvidend in GER equal to the Raw dividend payable amount minus Witholding Tax amount (26.375% of payable amount), followed by a currency exchange and from that deducting the equivelant UK dividend tax? (according to personal tax class)
So according to the above that would be:
GER payable amount: €2 - (€2 x 0.26375) = €1.4725
UK taxable amount: €1.4725 x 0.88 £/€ = £1.296 (from this deducting 7.5, 32.1, 38.1% based on tax class)
How does a €2 dividend result to a £0.25 payed amount even after all deductions?

I am probably missing something, so i do apologies if this causes some confusion.