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Q&A: Sharesave 2017 Your options explained

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Q&A: Sharesave 2017 – Your options explained

Buy and keep shares

from anonymous: I plan to exercise the options on maturity and sell all at the same time. Is it possible to keep the cash in dollars and transfer to my US Revolut account, rather than transfer back to the UK?

answer: If you exercise your Option to buy and sell all shares using the maturity share dealing service via Stocktrade, the monies must be transferred in sterling. If you exercise your Option to buy and keep all shares and hold them in your Morgan Stanley account, you will have the opportunity to send wires in USD (or your local currency) and these wires can go to international or standard US domestic bank accounts from your Morgan Stanley account.

from Tim Harris: moving shares from MS to hargreaves S&S ISA = need to be bed and isa ie cash moves rather than shares.- is this still the case? Last time MS sold the shares and then rebought them in hl S&s isa - I just want to move the shares which i am not sure we can.

answer: Legislation allows the bed and ISA of shares into an ISA so long as the providers being used have the facility. MS can transfer shares to international accounts using their Form GSPDTCNU. You also have to speak to your ISA provider for their process in this matter.

from Claire Wakefield: i have done this previously and transferred to a HL S&S ISA - I am assuming this is still possible and could be done from 21/02/20?

answer: MS can transfer shares to international accounts using their Form GSPDTCNU. You also have to speak to your ISA provider for their process in this matter.

from anonymous: I've tried to transfer my existing JLL shares to my HL trading ISA, however it didn't work because they the MS account is in the Us. How do I transfer them to my HL account?

answer: If your provider doesn’t allow then the shares will need to be encashed and re-invested into the ISA. from anonymous: You've explained the benefits of isas but not how we do it - do MS have an isa account? HL's view is that no UK isa will be able to receive the shares from MS.

answer: MS can transfer shares to international accounts using their Form GSPDTCNU. If your provider doesn’t allow then the shares will need to be encashed and re-invested into the ISA.

from Tom Jenkins, barry stephens, Zoe Johnston, donnanewman: Do shares have to be moved to the Morgan Stanley account? Can I instead nominate another account such as Hargreaves Lansdown account/existing ISA account?

answer: Initially you’ll need to deposit your shares in a Morgan Stanley account. You are then able to move them. You’ll need to liaise with Morgan Stanley and the receiving broker to arrange this.

from tim: which vendor would i use to transfer to an ISA , Morgan stanley or Yorkshire ? answer: Morgan Stanley

from eleanor: will you give us details of exactly how to transfer to an ISA? would it be held by MS?

answer: Once your shares have been deposited into your Morgan Stanley account, you’ll need to liaise with Morgan Stanley and the receiving broker to arrange this process.

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based in the UK?

answer: You’ll need to speak to Morgan Stanley & the UK provider to establish the differences. from Yvette & Martin, Gemma Leigh: Can you transfer to a LISA/ISA/Help to Buy ISA?

answer: Possibly. You’ll need to speak to your provider to see whether they offer the facility. from Darren Cox: What is the typical cost to sell shares at a later date through Morgan Stanley? answer: 10 cents per share or $25 minimum

from Jonathan Trice: What are the holding costs for Morgan Stanley account?

answer: No holding costs. Shares are deposited to a limited purpose brokerage account that is free.

from anonymous, Kerrie Currie: Do you need to submit the W-8BEN form if you already have a Morgan Stanley account?

answer: Yes. Morgan Stanley require up to date forms regularly. In the form there is a field to provide an existing Morgan Stanley account number. Please read the instructions to complete the form guide which sits on

the YBS Share Plans portal.

Buy and sell via Stocktrade

from Matthew Parry, Alex Troeller, Ken Dowling: Can you please confirm the Stocktrade fee for the sale of shares?

answer: Stocktrade charges a flat fee of £20 for the sale of your shares.

from Sherie Hargreaves, Lex: Do you need to complete the W8Ben form if you choose to buy and sell via Stocktrade?

answer: No, the W8BEN form is only required when you choose the option to buy and keep the shares from anonymous:

There was mention of 4 "batches" with cut off for first batch being 21/2. when are the other batches? answer: For the Buy and Sell option via Stocktrade, there will be 4 batches. All the timings and deadline are detailed on page 14 of the maturity brochure.

from Nick Compton: What exchange rate does Stocktrade use to convert $ sale proceeds back to £?

answer: It will be the relevant exchange rate at the time the proceeds are converted back to £. For the exact rate you would need to contact Stocktrade directly, their contact details are available in the maturity brochure.

From anonymous: is there a way to instruct Stocktrade not to sell your shares if the share price drops below a certain figure, for example if I didn’t want to sell them below $170?

answer: No, there is no limit price facility. If you want more control over the sale of your shares you may want to consider keeping them in a Morgan Stanley account and then selling at a later date.

Tax related questions

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answer: Correct

From Alasdair: Are there any special tax considerations for Scottish based employees?

answer: Apart from different income tax rates and bands in Scotland, the same amount of CGT allowance and tax rates will apply as is the case for dividend allowance and tax, as the rest of the UK.

from anonymous: if you exceed more than the £12k CGT allowance will you just be taxed on that amount, i.e. the additional amount

answer: You will only be taxed on the additional amount.

Other

from Rhys Davies: How do you access the Portal you have just described? Through Connect? answer: ybsshareplans.co.uk/jll

from Paul Chapman, rose: Can you let us know the share price at the start? Would we of had an email or a physical letter as struggling to find an email

answer: The price at the start was USD $90.97. The Option Certificate would have been sent in the post to your home address at the time.

from anonymous: do we need to be still with JLL after maturity to buy and sell the share? if so how long to buy and sell.

answer: If you leave JLL voluntarily after you’ve submitted your instruction to buy and sell but before the completion of the sale process, your instruction will be voided. Please remember it can take about 20 working days for the completion of your buy and sell instruction. If you’re in any doubt please contact the YBS Share Plans Helpline.

from rose, Mark, anonymous: Is JLL offering another Sharesave scheme maturity? What likelihood is there we will do it again?

answer: The Company did not approve any new Sharesave scheme since 2017 and we understand the reason to be economic uncertainty and increased cost of delivering such a scheme.

from Beverley: have you got a slide we can see to work out the likely return as it stands today please? What calculations needs to be done, not the exact figures?

answer: No we haven't. However, so long as the £/$ exchange rate shows more dollars to the pound

compared to the exchange rate used at inception, as it currently does, then the max number of shares that be purchased at maturity, calculated at inception will apply. If less then a lower number of shares will be able to be purchased. That number of shares multiplied by the share price will give you the current value at that specific time. This can obviously change if the share price increases/decreases during the process time.

from Beverley: what date does it mature?

answer: 1 March 2020 (assuming all payments have been made). If you’ve missed some payments, you will have a deferred maturity date.

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have paid in 36 months' instalments?

answer: The maturity date of 1 March 2020 is assuming all payments have been made. If you’ve missed some payments, you will have a deferred maturity date.

from anonymous: in the worked examples for someone who put away £250/mo, why is the max. number of shares 123? With the Fx rate used, the maths show that one could purchase 128 shares. Why is a few hundred pounds being held? The same logic follows on the other contributions in the summary slide

answer: The maximum number of shares that can be purchased (123) was calculated at the start of the scheme using the exchange rate at the time (£1 = US$1.251). This could be fewer if the exchange rate fluctuates but will never be higher. The 128 shares that you mention uses the current (2 Dec 2019) rate. The example in the table then uses the current exchange rate, and because the pound has strengthened this means that you will receive a higher residual amount than if the exchange rate had remained static.

from Mark: Is there a difference in exchange rate when converting from sterling to dollars and back again or any commission payable on exchange? Usually when we exchange currency for holiday money etc there is a different rate whether you are buying or selling which means if we convert £100 to $s and then immediately change the same amount back again the amount received back will be less than £100 because the banks want to make money. will we see the same effect here?

answer: Morgan Stanley charge 100 basis points to convert from USD to Pounds

from Kerrie Currie: The maturity date is the 1st March. Do you mean the first tranche is 21st March?

answer: For the Buy and Sell option via Stocktrade, there will be 4 batches. To be included in the 1st batch, the 1st deadline to submit your instruction is 21 February. All the timings and deadline are detailed on page 14 of

the maturity brochure.

from Alice Allan: How can we check if we are "web-enabled"?

answer: YBS will email you on Monday 10 February and the email will explain this. Alternatively please call the YBS Share Plans helpline who can confirm.

from Eleanor: How do we web enable? is there a link?

answer: The website is ybsshareplans.co.uk/jll - click on the ‘My Account’ tab at the top and then ‘Register’. You will need your Sharesave account number.

from Amy McCabe: Will the email sent next week be sent to our JLL accounts or personal email addresses? answer: These will be sent to your JLL email address

from Darren Jeal, hannah waterhouse: Can you go online now and allocated your shares or do we need to wait until the 21st?

answer: You will be able to login from Monday 10 February 2020 to make your instruction. from Yvette & Martin: Do we want a stronger or weaker exchange rate when selling? answer: Stronger US dollar against sterling is better for US shares.

from Anita: Can I use my funds to purchase my entitled amount of shares , then sell 50 % of those shares immediately and keep 50 %

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therefore split your savings between these two choices if you wish (please note the sale facility is only available for the first 4 batches).

from anonymous: Can you sell part of the shares and hold the remaining in an ISA?

answer: You can sell part of your shares and keep the rest. However you would need to keep the shares initially and then transfer them into your ISA once they have been deposited in your Morgan Stanley account.

from Darren Venables: How do I know when my shares have been sold once I've made my instructions

answer: Stocktrade will send you a contract note once the sale has been processed. The whole sale process can take around 20 working days.

from Julia Bower: do you have a separate customer number for each share save scheme or if you have an exisiting one will it be the same no.

answer: You will only have one Customer number with YBS Share Plans. If you have more than one account you will have an account number for each account.

from Teresa Freshwater: Will the maturity brochure be posted or emailed to us? Thanks

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