YOUR SAVE AS YOU EARN 2016 IS ABOUT TO MATURE - YBS Share ...
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YOUR SAVE AS YOU EARN 2016 IS ABOUT TO MATURE
TIME TO CELEBRATE!
CONTENTS
You can navigate to each section using the contents to
WELCOME
HOW DO I CHOOSE?
the right.
YOUR CHOICES IN MORE DETAIL
TIMINGS
FURTHER INFORMATION
SUBMITTING YOUR CHOICE
CONTACT USYOUR SAVE AS YOU EARN ‘SAYE’ 2016 OPTIONS WILL MATURE ON 1ST NOVEMBER 2019* THE SAYE 2016 OPTION PRICE IS £5.63 Dear Colleague, In this guide you’ll find everything you need to know about your maturing SAYE account, the choices available to you and how to send your instruction to YBS Share Plans. You will need to tell us what you’d like to do with the savings in your account and your choices are as follows: • Buy Inchcape shares at the applicable Option Price (quoted above) to either keep or sell; or • Not buy shares and simply request a refund of your savings You don’t have to make your choice straight away, you’ll have six months from the Maturity Date, after which time your Option to buy shares at the fixed Option Price will lapse. *If you have missed any payments, your maturity date will be deferred by the number of months you have missed and the maturity date shown will reflect this.
HOW DO I CHOOSE?
You will need to make your choice by logging For your convenience, a maturity share dealing service is being
into your account on the YBS Share Plans website. provided by Jarvis Invesment Management Limited (“Jarvis”)
Here you can also find confirmation of the current which will allow you to sell some or all of your shares if you decide
balance on your account as well the maximum to exercise your Option and buy shares at maturity. You’ll find full
number of shares you’re able to buy at the Option details about the share dealing service being provided by Jarvis
Price. You can log into your online account at within this document.
www.ybsshareplans.co.uk/inchcape but you’ll It’s your responsibility to monitor the price of Inchcape shares
need to register to view your account online if before deciding whether or not to buy any shares but at the
you’ve not done this previously. time of writing the price of our shares as quoted on the London
Stock Exchange is higher than the fixed Option Price. However,
there is no guarantee that this will still be the case by the time
you sell your shares or receive your share certificate.
Please ensure you read all the enclosed information before
making your choice. If you need any further information or
assistance, please call the YBS Share Plans Helpline on
0345 1 200 300. Please note however that YBS Share Plans will
not be able to advise you on the best course of action for you
in your particular circumstances. If you’re unsure about buying
shares or your tax position, you should consult an Independent
Financial Adviser.
...CONTINUEDYOUR CHOICES
You’re now invited to make a choice about what you’d like to do with
the savings in your SAYE account. The following choices are available
to you:
Use your savings to buy Inchcape shares and then sell
1 some or all of them using the maturity share dealing
service being offered by Jarvis.
Use your savings to buy Inchcape shares and then keep
2 some or all of them as a share certificate.
Take a refund of the savings in your SAYE account and
3 not buy any shares at the fixed Option Price.
...CONTINUEDYOUR CHOICES ...CONTINUED Remember - you don’t have to make up your mind straight Please note that if you decide to exercise your Option away. You’re able to buy shares at the fixed Option Price for and buy the shares, that the value of your shares up to six months following the Maturity Date stated on your and any income from them can go down as well as online account. Please note however that you’ll need to up and that you may not recover the amount of your allow sufficient time for the processing of your instructions original investment. Past performance is no indication before your Option lapses and therefore it is recommended of future performance. It is recommended that you that you submit your instructions no later than 21 days prior to check the price of Inchcape plc shares regularly the Option Lapse Date, which is six months from your maturity before deciding whether or not to buy shares at the date. fixed Option Price.
YOUR CHOICES IN MORE DETAIL
Use your savings to buy Inchcape shares and then sell some or all of them using the maturity share dealing service
1 being offered by Jarvis.
If you select this choice you will use the savings in your The sale of your shares will be subject to the Jarvis Sale
SAYE account to buy some or all of the Inchcape shares Facility Terms and Conditions which can be found when
to which you are entitled at the Option Price of £5.63, and you log in to exercise your options. Please take the time to
then sell them using the maturity share dealing service read this document before proceeding with this choice.
being provided by Jarvis. Jarvis will charge you a flat fee of
£18.00 for the sale of your shares of which YBS Share Plans
will receive £10.10 to cover their administration costs. This will
be deducted from your sale proceeds before the balance
is paid directly into the bank account your salary is paid into.
Jarvis will release your sale proceeds three business days
after the date your shares are sold and the money should be
in your account another two to three days after this.
A contract note confirming details of the sale will be
emailed to the address held on file. Please see the ‘Maturity
Timetable’ for further information on timescales for processing
the sale.YOUR CHOICES IN MORE DETAIL
2 Use your savings to buy Inchcape shares and then keep some or all of them as a share certificate.
If you select this choice, you will be using the savings in the SAYE account to buy some or all of the Inchcape shares at the
Option Price of £5.63 per share and you are entitled to keep them in the form of a share certificate.
When your share certificate arrives you have the following four choices, a, b, c or d:
a. Hold onto the certificate and keep the shares c. Keep some or all of the shares in a Stocks & Shares ISA
As a shareholder you will be entitled to receive dividends with Hargreaves Lansdown
twice a year (if Inchcape decide to pay them) and have the Once you have your share certificate you can arrange for
chance to vote on important issues at the Annual General your shares to be transferred directly into a Stocks and Shares
Meeting ISA. You may wish to place shares into an ISA so that any
b. Gift the shares to your spouse/civil partner future sale of the shares is free from CGT.
Once you have your share certificate you can arrange To do this you will need to contact the Group Reward
for your shares to be gifted to your spouse/civil partner. Manager, alexander.finlay@inchcape.com to obtain the
To do this you will need to contact the Group Reward relevant form and you will need to transfer the shares within 90
Manager, alexander.finlay@inchcape.com to obtain the days from the date you exercised the shares.
relevant form. The ISA limit for 2019/20 tax year is £20,000, therefore you
There will be no Income tax/National Insurance to pay when can only put shares up to this value into an ISA.
buying the shares, and no Capital Gains Tax (CGT) on the
transfer. Any future sale by your spouse/civil partner may incur
a CGT liability.
...CONTINUEDYOUR CHOICES IN MORE DETAIL
2 ...CONTINUED
d. Keep some of all of the shares into a Self-Invested Should you wish to gift to spouse/civil partner, open an ISA/
Pension Plan (SIPP) with Hargreaves Lansdown SIPP with Hargreaves Lansdown please contact Alex Finlay
Once you have your share certificate you can arrange for who will guide you through the process.
your shares to be transferred directly into a SIPP. You may wish The exercise of share options is an involved process and
to do this to plan for retirement, please note you will not have therefore it may take a little time for us to complete this
access to the shares or their value until your retirement age. process with your employing Company and their share
To do this you will need to contact the Group Reward registrars. YBS Share Plans cannot be held responsible
Manager, alexander.finlay@inchcape.com to obtain the for any adverse movements in the share price during
relevant form to open your account. this period. Once the share Option exercise process is
complete the Company registrars will issue you with a
share certificate in your name. Please allow up to 30 days
from the completion of the exercise process for receipt of
your share certificate.
...CONTINUEDYOUR CHOICES IN MORE DETAIL
3 Take a refund of the savings in your SAYE account and not buy any shares at the fixed Option Price
You don’t have to purchase Inchcape shares. If you prefer,
you can simply request a refund of your savings, which will be
paid into the bank account your salary is paid. You will have
no Income Tax or National Insurance Contributions to pay.
For this choice only, simply call the YBS Share Plans Helpline on
0345 1 200 300 and close your account over the phone.
If you choose to close your account and take back your
savings, you still retain the right to purchase shares at the fixed
Option Price during the six months immediately following your
Maturity Date. If you decide to follow this course of action
you’ll need to call the YBS Share Plans Helpline to make the
necessary arrangements.
...CONTINUEDResidual Balance If you decide to buy the shares there will often be a small cash residue remaining in your SAYE account. This is because it’s very unlikely that your savings will divide exactly by the fixed Option Price. You can choose to donate your cash residue to charity (no greater than the value of one more share at the fixed Option Price) or receive a refund of the residue when providing your instructions. If you would like to donate this money to charity (Macmillan Cancer Support), please tick the appropriate box when providing your online instruction. To find out more about the work of Macmillan please visit www.macmillan.org.uk.
TIMINGS / WHEN WILL I GET MY CASH OR SHARES?
If you want to buy and sell your shares sale instructions will The maturity timetable opposite clarifies when YBS Share
be batched and processed on a weekly basis until 30 April Plans need to receive your instructions. We will then close your
2020, after which date the Options lapse, unless you have account and forward your SAYE account balance to Inchcape
deferred maturity date. to cover the cost of your shares.
The first sale of shares following maturity is expected to
take place on 1 November 2019 and you will need to
provide your instructions to YBS Share Plans no later than Jarvis will usually release your sale proceeds three business
22 October 2019 to be included in this batch. days after the date your shares are sold (provided they
Activity Date have received settlement from the market) and the money
should be in your account another two to three business
First cut-off of maturity 22 October 2019 days after this. Where late settlement occurs, there may be
applications a delay to the receipt of your sale proceeds for which Jarvis
Second cut-off of maturity 29 October 2019 will not be held accountable. A contract note confirming
applications details of the sale will be emailed to you.
Maturity date 1 November 2019 Please note all dates are subject to change. Neither
Inchcape plc nor YBS Share Plans can be held responsible
First sale of shares 1 November 2019 for any changes to advertised dates which are outside
our control nor any resulting loss.
Second sale of shares 4 November 2019
Ongoing cut-off of maturity Every Tuesday
applications
Ongoing sale date Every MondayFURTHER INFORMATION
Dealing Restrictions
If you have been notified by Inchcape that you are subject to share dealing rules, you
must comply with the requirements imposed by the Company and, if applicable, seek
clearance before proceeding with any transaction. All staff are subject to the law regarding
market abuse e.g. dealing when in possession of inside information.
Missed any payments or leaving the Company?
If you’ve missed any payments during the savings period (up to a maximum of twelve) your
Maturity Date will be deferred by one month for every payment that you’ve missed and
you’ll continue to have deductions taken from your pay until you’ve completed the three
year savings contract. In these circumstances you’ll have six months from the deferred
Maturity Date (shown on your online account information), in which to exercise your Option
and buy your shares. Any instructions received in respect of a deferred maturity will be
processed at the first available opportunity following your deferred Maturity Date.
If you’re no longer an employee of Inchcape or leave after the Maturity Date but before
you’ve bought your shares, you may not be able to buy your shares. This will depend
on your reason for leaving and the date on which you left. If you’re in any doubt about
whether you can buy any shares please contact the YBS Share Plans Helpline on
0345 1 200 300. If you’re able to buy shares, you must do so within six months of leaving
Inchcape or within six months of the Maturity Date, whichever event comes first.
...CONTINUEDWhat about tax? Under current legislation there is no Income Tax to pay as a result of buying your shares or taking your savings. You may however have to pay CGT if you sell your shares at a profit (this is the difference between the cost of buying your shares and the price you sell them for minus any sale expenses). HM Revenue & Customs currently allows you to make a certain level of capital gains in each tax year without being taxed. If your gain (which must include any other profit you have made within the tax year) exceeds the annual exemption limit, you will have to pay tax on any gain above this limit. The CGT limit for the 2019/2020 tax year is £12,000. Further information can be found on the HM Revenue & Customs website (www.hmrc. gov.uk). If your total capital gains exceed the annual exemption amount in any single tax year, they should be reported to HM Revenue & Customs, whether you receive a tax return or not. You may however be able to minimise your liability to CGT by; selling some of your shares in one tax year and the rest in other tax years, by giving some of your shares to your spouse or civil partner for them to sell and set against their annual CGT exemption, or by transferring shares into a Stocks and Shares ISA (subject to applicable limits) within 90 days of the date your share Option was exercised. The sale of shares within an ISA is free of CGT. For the 2019/20 tax year the maximum value of shares you can transfer into a Stock and Shares ISA is £20,000 (this limit may change for the 2020/21 tax year). The value of the shares will be based on the market value on the date the shares are transferred into the ISA.
HOW TO SUBMIT YOUR MATURITY INSTRUCTION
Once you’ve decided what you’d like to do, you’ll need to submit your instruction using the secure online facility
provided by YBS Share Plans by visiting www.ybsshareplans.co.uk/inchcape, but you’ll need to register to view your
account online before you’re able to provide your instructions (unless you’ve already registered previously).
Already Registered? How to Register
If you’ve already registered to view your account(s) If you’ve not previously registered to view your account(s)
online, click on ‘Login’ and enter the relevant details online please visit www.ybsshareplans.co.uk/inchcape
when prompted. You’ll need your Customer Number and click on ‘Register’. You’ll need your SAYE account
and password to hand which were confirmed when number to hand and registration will only take a few
you first registered your account. If you’ve forgotten your minutes of your time. Once registered your login details
customer number you’ll need to call the YBS Share Plans will be sent to you through the post and you’ll then be
Helpline on 0345 1 200 300, but for security reasons able to provide your instructions online.
you’ll have to call from the telephone number we Please note, as your login details will be sent to you by
have registered against your account otherwise this will post it will take several days to complete the process
be re-issued to you through the post. This may delay and therefore if you are intending to sell your shares or
the processing of your instructions and therefore if you receive a share certificate at the earliest opportunity
cannot remember your login details, you should allow following maturity, you should allow sufficient time to
sufficient time to complete this process before providing complete this process in order to meet the deadline of
your instructions. 22 October 2019 for inclusion in the first batch.
...CONTINUEDHOW TO SUBMIT YOUR MATURITY INSTRUCTION... CONTINUED How to Instruct Once you’ve logged in you’ll need to select the maturing SAYE If you change your mind after you’ve submitted your instructions, account in the account view section. Next click on ‘Closure please call the YBS Share Plans Helpline in the first instance on Options’ followed by the ‘Share’ option under ‘Ready to Close?’ 0345 1 200 300. Any change to your original instructions is likely Then make your choice and follow the onscreen instructions to to delay the date on which your instructions can be processed complete the shares closure process. You’ll receive an email and will therefore delay receipt of your cash or shares. Further confirmation once you’ve successfully submitted your instructions details will be provided at the time of calling. online. To take a refund of the savings in your SAYE account and not buy any shares you can simply call the YBS Share Plans Helpline and close your account over the phone. Further information is available in section 3 under the ‘Your choices in more detail’ section of this document.
CONTACT DETAILS
YBS Share Plans Jarvis
The Inchcape SAYE is administrated by YBS Share Plans. If you If you have any queries about the sale of your shares or the
have any queries about your SAYE account, you may contact services offered by Jarvis, you can contact them directly at:
them at: Jarvis Investment Management Limited
YBS Share Plans, Yorkshire Building Society, Yorkshire House, 78 Mount Ephraim
Yorkshire Drive, Bradford, BD5 8LJ. Tunbridge Wells
Or Kent
TN4 8BS
By calling the YBS Share Plans Helpline
on 0345 1 200 300 Or By calling 01892 700841
Lines open 8.30am-5.30pm Mon-Fri, 9am-1pm Sat. Lines are open Monday to Friday 8:00am - 4:30pm, Calls
(excluding public holidays in England and Wales). may be recorded for training and security purposes.
Jarvis Investment Management Ltd is a member of
the London Stock Exchange and NEX Exchange and is
authorised and is regulated by the Financial Conduct
Authority. Head Office & Registered Office: 78 Mount
Ephraim, Tunbridge Wells, Kent, TN4 8BS. Registered No.
1844601 England & Wales. Registered VAT No. 680 0400 74General Information
In the event that YBS Share Plans receive my instructions to purchase or sell shares and the YBS Share Plans is part of Yorkshire Building Society. YBS Share Plans, Yorkshire House, Yorkshire
Inchcape share price is lower than the Option Price of £5.63 at the time of closure, then YBS Drive, Bradford BD5 8LJ. Tel: 0345 1 200 300. Fax: 01274 357 950. ybsshareplans.co.uk.
Share Plans reserve the right to cancel my instruction, close my SAYE account and return
Yorkshire Building Society provides Share plan trustee administration services, including
my savings to me. In these circumstances my Option remains exercisable for a period of six
deposit taking , all of which are subject to English law, with deposit taking being regulated
months following my Maturity Date.
by the Financial Conduct Authority. The provision of share plan trustee and administration
No information contained within this document or any accompanying document should services is not regulated by the Financial Conduct Authority.
be taken as providing any advice or as a recommendation to Exercise or not to Exercise We are not responsible for Share plan deposits held by local savings carriers outside the UK.
your Option or, having exercised, to sell or not to sell your shares – the choice is yours. Neither
Yorkshire Building Society is a member of the Building Societies Association and is authorised
Inchcape, YBS Share Plans or Jarvis plc can advise you on the best course of action for you
by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
in your particular circumstances.
and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial
Tax rules and legislation can change. Tax relief, which is referred to in this document, are Services Register under registration number 106085. Head Office: Yorkshire House, Yorkshire
those currently available and will depend upon your individual circumstances. Drive, Bradford BD5 8LJ.
If you are in any doubt as to the legal, financial or taxation implications (including any Yorkshire Building Society is a member of the Financial Ombudsman Service. Further details
Capital Gains Tax considerations and the collection of such taxes) for you of the Exercise of are available on request from the Society.
Options, and/or the subsequent sale of shares, or the suitability of the maturity share dealing
All communications with Yorkshire Building Society or Jarvis may be monitored/recorded to
service, you should seek the advice of a qualified Independent Financial Adviser duly
improve the quality of their service and for your protection and security. Calls to 03 numbers
authorised under the Financial Services and Markets Act 2000.
are charged at the same standard network rate as 01 or 02 landline numbers, even when
Please remember that the price of shares, and the income from them, can go down as calling from a mobile.
well as up, and that you may not recover the amount originally invested.
It is advisable to keep copies of all documentation sent to YBS Share Plans and Inchcape
in relation to the exercise of your Option as you may need to refer to this information when
completing future tax returns.
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