12 Nov
Discounted share price confirmed
e.g. £2.90
STEP ONE
You decide!
How much you want to save; choose between £5 and £500 a month.
Please don't apply to save more than you can afford to save each month, as the amount cannot be changed.
STEP Two
Apply!
Once you've signed up, savings come straight out of your pay for three years.
The first deduction must be taken from your January 2025 salary. If you miss the first payment, the 2024 Sharesave will terminate and you'll no longer be able to participate in the scheme or buy M&S shares at the Option Price on maturity.
STEP THREE
You choose!
Once the three years are up, you choose what to do with your savings:
- Keep your shares as a long term investment?
- Money put aside for a rainy day?
- Put your savings towards a fantastic holiday?
Sharesave benefits
Over
11,500
M&S colleagues participate in Sharesave
Switch your car journeys for a bike and save
£100 a month
What will you save for?
Switch a takeaway for a home cooked meal and save
£30 a month
Switch your daily Barrista coffee and save
£50 a month
Be part of the success we're creating at M&S as we reshape for growth
Watch the video about the benefits to sharesave
A HELPFUL
Savings Example
Here's an example of what you could get if you save £100 a month.
Use the Calculator to use the actual Discounted share price.
by 5pm on 25 Nov
Choose your monthly savings
e.g. £100
Savings complete
Total savings after three years
e.g. £3,600
Feb 2028
You choose what to do
Buy 1,241 shares
Using your savings (£3,600 / £2.90)
If the share price is £4.00
Your shares are now worth
£4,964
That's an increase of £1,364
Or savings returned
If the share price falls
e.g. £3,600
back to you
Remember
A tax-free bonus payment of 1.1 times your monthly contribution will be paid to you as a cash payment on the maturity date. If you're saving £100 a month your tax-free cash bonus payment will be £110.
SHARESAVE
Key dates
12 Nov 2024 - 25 Nov 2024
Invitation
You can apply from today. The application window closes at 5pm (UK time) 25 November 2024.
If the 2024 Sharesave is popular, it may be necessary to scale back the number of options, but we'll let you know in your welcome email if this happens. These will go out 27 December 2024.
10 Jan 2025 - 10 Dec 2027
Savings
The first deduction must be taken from your January 2025 salary. If you miss the first payment, the 2024 Sharesave will terminate and you'll no longer be able to participate in the scheme or buy M&S shares at the Option Price on maturity.
1 Feb 2028
Maturity
You've 6 months from today to buy your discounted shares, there is no need to do anything straight away. We'll be in touch to help guide you through your choices and share simple online tools.
SHARE SCHEMES MICROSITE
2021 M&S SHARESAVE
Maturity
As long as you haven't missed any monthly contributions, your 2021 Sharesave will mature on 1 February 2025.
You need to decide what you want to do next. As with all shares, the market price of M&S shares on the London Stock Exchange can go down as well as up. We recommend that you check the M&S share price before taking any action and/or seek financial advice if you need further assistance in making a decision.
For many, this Sharesave maturity will give new and exciting financial opportunities; as exciting as they may be, it's important to consider things like Capital Gains Tax (CGT) and the timing of when you want to sell some or all of your shares.
£1.89
Discounted Share Price
What will you choose next?
Use our Maturity map to find the choice that best works for you.
Maturity mapEDUCATIONAL
Video guide
WEALTH at work webinar
Whether you're a first timer or have been in the M&S Sharesave before, it's a great opportunity to understand the important stuff around:
- How much profit you're making.
- How to get your money.
- Whether you need to pay any CGT on any profits.
- How to only pay CGT if you really must by being smart with CGT allowances.
The webinars will take place throughout January. A recording is available for those unable to attend a live session.
BOOK YOUR PLACETimetable
Key dates
| INSTRUCTIONS RECEIVED BY 6PM | SALE DATE* | TRANSFER TO SHARE SERVICE DATE | TRANSFER TO EQi ISA DATE |
|---|---|---|---|
| 24 January 2025 | 03 February 2025 | 03 February 2025 | By 05 February 2025 |
| 30 January 2025 | 06 February 2025 | 06 February 2025 | By 10 February 2025 |
| 06 February 2025 | 13 February 2025 | 13 February 2025 | By 17 February 2025 |
| 13 February 2025 | 20 February 2025 | 20 February 2025 | By 24 February 2025 |
| Processing of instructions will follow a weekly pattern, unless there is a bank holiday where the timetable will change to the below dates. | |||
| 17 April 2025 | 28 April 2025 | 28 April 2025 | By 02 May 2025 |
| 01 May 2025 | 09 May 2025 | 09 May 2025 | By 13 May 2025 |
| 22 May 2025 | 30 May 2025 | 30 May 2025 | By 03 June 2025 |
| This is the final processing date** | |||
| 31 July 2025 | 07 August 2025 | 07 August 2025 | By 11 August 2025 |
*Dealing and transfers are dependent on the shares having been issued and sales may take longer than one day to complete.
**This date will change if you have missed any contributions. Seek further help if unsure.
YOUR INSTRUCTION
It's time to choose
Potential Capital Gains Tax (CGT)
Once you're clear on your choices and how to access your shares then it's time to consider whether you might have a have a CGT liability and what you can do about it before telling Equiniti Limited (Equiniti) what you want to do.
CGT might be applicable because the current share price is higher than the discounted share price of £1.89 set in 2021 and any gain is subject to tax. CGT means that you will be taxed on any profit or gain you make that is above the annual CGT tax free allowance limit of £3,000 in this and next tax year.
You can use the calculator to work out whether you may have a CGT liability.
We know it can be a complicated subject, so we've partnered with WEALTH at work to offer you financial education sessions in January before you have to make any decisions. They'll go through all the choices available including when CGT might be an issue and what to do about it.
Following a group session, you'll then have the opportunity for a 1:1 guidance call to talk through any individual questions you have.
Transferring to an EQi Flexible Stocks & Shares ISA (EQi ISA)
We have also partnered with Equiniti and Equiniti Financial Services Limited (EFSL) to offer you the opportunity to move your shares into the EQi ISA at maturity. You can decide to use an alternative ISA product and to do this, you'll have to elect the first choice - transfer to the Marks and Spencer Share Service (Share Service) - which allows further transfers for alternative arrangements.
To ensure that you keep more of your money, if you move your shares within 90 days of buying them at the Sharesave maturity and haven't already used up your ISA annual allowance, HMRC allows you to transfer the shares into an ISA to protect your investment from CGT. If you have a gain that is above the annual CGT allowance limit, then the EQi ISA is a viable choice for you.
Importantly, if you want to keep the shares, then the EQi ISA is still a valid choice for you. This is because if you choose to sell in the future, then by selling from an EQi ISA any gains you make will be shielded from CGT.
For those of you with a share value over £20,000 which is the annual ISA allowance, this election choice has been built so that any shares (residual shares) above the share value of £20,000 will be transferred into an EQi Dealing account (a complimentary account linked to your EQi ISA). Importantly, because the new financial year, which starts 6 April 2025, is within the 90-day limit of the Sharesave maturity on 1 February 2025, these residual shares will also benefit from being moved into the EQi ISA. This move will happen automatically, and you will be notified securely before and after the residual shares have been successfully moved into your EQi ISA.
Please be aware that if you move your shares from your EQi Dealing account into your ISA after 90 days from buying the shares, the shares will need to be sold and bought again which may give rise to a CGT liability.
If you decide that you want to sell your shares immediately once they have been transferred into the EQi ISA, you are free to do so. However, you need to be aware that there may be an increase in market activity if everyone decides to sell at the same time, and it may negatively impact the share price. There is no need to sell your shares immediately, your shares will be exempt from CGT as long as they are held in an EQi ISA.
So, while there is a lot to consider remember that you have time on your side; time to consider your choices, time to learn and ask questions if needed and, once you've reached your decision, time to act.
Once you're clear on the choices available, you ask yourself:
1
Is your gain above the annual CGT tax free allowance limit and will you have a CGT liability?
2
Have you already used your annual £20,000 ISA allowance?
3
Do you want the cash now or hold onto the shares, become an M&S shareholder, receive dividends and vote at the AGM?
4
Do you want a combination of selling some shares and holding others?
If your gain is above the annual CGT tax free allowance limit and you haven't already used your annual £20,000 ISA allowance.
- Then you should consider transferring your shares into an ISA; either directly into an EQi ISA or, from the Share Service account where you can transfer them to another ISA provider.
If you already used all or some of the annual £20,000 ISA allowance.
- There is no need to rush, you have 6 months to buy your shares, you can wait for the new annual ISA allowance to begin from 6 April 2025.
- Keep your shares in the Share Service account and make use of the new annual ISA allowance by transferring to an ISA from 6 April 2025. Making sure that the transfer is done within 90 days of buying the shares.
Speak to the WEALTH at work guidance team about your choices.
If your gain is below the annual CGT tax free allowance limit and you want the cash as soon as possible.
- Consider choosing ‘Sell all your shares'.
If you want to keep some or all your shares.
- You have two choices, hold in a Share Service account or transfer into an ISA or an EQi ISA. If the share price increases and you end up with a potential gain in the future following a sale of shares, that is above the CGT tax free allowance limit, and the shares were held outside of an ISA you will have to pay CGT.
Do you want the cash as soon as possible or to hold onto the shares?
- If your gain is above the annual CGT allowance limit, then regardless of if you want to sell as soon as possible or hold the shares, you should read the EQi ISA section below.
If you would like to sell some shares and hold on to the rest
- If your gain is above the CGT tax free allowance limit. Then regardless of if you want to sell as soon as possible or hold the shares, you should consider an ISA.
- Or you can transfer to the Share Service account where you can sell up to the annual allowance and make further arrangements.
Because the share price is above the discounted share price, we have removed the option to just get your money back, as you will get more by selling all, or selling from the ISA.
Your first step is to buy your shares at the discounted share price and either:
Video guide
Watch the video on how to choose 'Transfer to the Share Service'.
About this choice
Your shares will be held electronically in the Share Service and can be accessed via the share schemes website.
This gives you the most time to consider what to do next as it allows further transfers for more complex arrangements. Such as,
- Transferring your shares to your Spouse / Civil Partner and taking advantage of their annual allowance limit.
- Transferring your shares to another ISA provider as you may already have an open account to use (ISA allowance will still apply). This will need to be arranged within 90 days of buying the shares otherwise it may give rise to a CGT liability.
More details on how to do this and the forms to use are in the FAQs.
Transfer fees will be waived if the request is received within 90 days of the shares being transferred in to the Share Service. For information see the details of dealing fees.
Remember, if you sell your shares from the Share Service, and your gain is above the annual allowance limit, you will have to pay CGT and you should read the details on the EQi ISA if this applies to you. If you're not sure then speak to one of the WEALTH at work guidance team after your education session.
If you continue to hold shares the value of them could fall and you may not get all your money back, alternatively they could increase in value and your capital gain is above the annual CGT allowance limit.
Video guide
Watch the video on how to choose 'Transfer to an EQi ISA'.
About this choice
This gives you easy access to an ISA, which helps to mitigate your CGT liability should you sell straight away or to hold them over time.
What you'll receive if you decide on the EQi ISA:
- Two welcome letters, within 5 days of account opening. One letter will include your PIN and the other will include your EQi account number and information on how to access your account so that you can sell your shares.
- An email notification advising that there is a secure message available to view to advise of completion of transactions.
- An email notification advising that there is secure message available to view, before and after the residual shares have been transferred from the EQi Dealing account (an associated account linked to the EQi ISA for this purpose).
- An EQi Dealing account which will hold any shares or residual shares that you can be moved to an EQi ISA at a later date.
For those of you with a share value over £20,000, the annual ISA allowance, this election choice has been built so that any shares above the share value of £20,000 will be transferred into an EQi Dealing account in the new financial year, which starts 6 April 2025.
Importantly, because the new financial year is within the 90-day limit of the Sharesave maturity on 1 February 2025, these shares will also benefit from being moved into the EQi ISA. This move will happen automatically, and you will be notified securely when the residual shares have been successfully moved into your EQi ISA.
Please be aware that if you move your shares from your EQi Dealing account into your ISA after 90 days from buying the shares, the shares will be sold and bought again which may give rise to a CGT liability.
It is a requirement by law to confirm the identity of all individuals opening an EQi ISA, if it is not possible to verify your identity a letter will be sent to you requesting some identification documents, the letter will list the documents that you can use to complete the verification. If the ID documents are not received by the time your shares are ready to be allotted to your EQi ISA account then all your shares will be held in the Dealing account. If after 30 days after your shares have been allotted to your EQi Dealing account the ID documents have still not been received a further letter will be sent advising your shares will be converted to a certificate and be posted out to you if the ID documents haven't been received at 45 days, your EQi account will be closed and your admin fee refunded.
Go to eqi.co.uk/info/isa/benefits for more information on the EQi ISA.
Costs and fees
We have worked with Equiniti and Equiniti Financial Services Ltd., to ensure that the costs of the Sell All and transfer to EQi options are the same. Transferring your shares to EQi will not cost you any more than selling from the Share Service account or the Sale service (Choice 3). An admin fee of minimum £20 or 1% of the total value of the shares that you elected to buy (i.e. the total includes shares transferred into your EQi ISA and the balance in your EQi Dealing account), will be due when the shares are transferred to EQi.
The admin fee can be paid by debit card or bank transfer (BACs) using the bank details collected when you opened the EQi Flexible ISA, online or over the telephone. If the fee is not paid by the date which you will be notified of, EQi will collect the amount owing by bank transfer (BACS) or, you may need to sell some of your shares to cover the amount owed. Please refer to clause 16.6 of the EQi Terms and Conditions for full details on the fee recovery process.
Your first sale of shares through EQi will be nil commission, subsequent sales will be charged at the standard rate of £10.99 per trade.
Full details of our dealing fees can be found here, eqi.co.uk/info/how-it-works/pricing under Dealing commission.
Video guide
Watch the video on how to choose 'Sell all your shares'.
About this choice
This gives you quick access to the profits from your shares; however, these would be subject to CGT if over the annual CGT tax free allowance limit.
Using the Equiniti Financial Services Limited Share Sale Service (the 'Share Sale Service'), you can sell your shares as part of the maturity process via the Share schemes website. This is different to selling through the Share Service or EQi ISA as you only give one instruction and are subject to a dealing timetable (available above). It is recommended that you become familiar with these dates.
You may choose this if you've used the calculator and you're not impacted by CGT (as your gain is below the annual CGT tax free allowance limit).
You can still choose this if your gain is more than the CGT tax free allowance limit, but you will have to pay CGT. You should read the details on the EQi ISA if this applies to you, as you can sell on the first day the shares are in your EQi ISA, which may be a better choice as the shares will be exempt from CGT (if the transfer of shares to the EQi ISA has taken place within 90 days of buying the shares at maturity).
What you'll receive
Once you've given an instruction to sell your shares, you'll receive an email to the address that you used when registering your account with the Share schemes website, confirming your instruction. You'll need to refer to the key dates to find out when the sale will take place.
Once the sale completes, you'll receive a contract note through the post and it will contain the details of the sale. If we have your bank details, you'll receive your sale proceeds within 5 working days following the completion of the sale.
A message will be posted to the Share schemes website if the sale takes more than a day to complete.
Capital Gains Tax (CGT)
For more information on CGT please visit the Government's website www.gov.uk/capital-gains-tax and read the FAQs.
All information is for guidance, and we'd strongly recommend you speak to an independent specialist and maybe take financial advice before deciding. As mentioned above, M&S has partnered with WEALTH at work to help you make these decisions, so please join the sessions if you are looking for expert help.
By giving an instruction on the Share schemes website, you are confirming that you're aware of the possible impact of CGT and acknowledge that it is your responsibility to report the gain and pay any tax due accordingly.