Upon leaving the Company, Partnership Shares will be released from the Trust. If you leave the employment of the Mitchells & Butlers Group by reason of retirement*, injury*, disability*, redundancy, sale of the business or company which you work for or if you die, then your Partnership Shares will be released to you or your personal representatives, free of Income Tax and NICs.
If you leave for any other reason, Partnership Shares will be released to you and may, (depending on the length of time you have held them), be subject to Income Tax and NICs. Any funds deducted from your pay and not invested in Partnership Shares at the date of leaving will be returned to you through payroll subject to deduction of Income Tax and NICs. Capital Gains Tax may be applicable when you sell your shares other than if these are sold immediately on release from the Trust.
Deductions from your pay to buy Partnership Shares may affect your entitlement to, or the level of, some contributory benefits such as statutory maternity pay and statutory sick pay. The effect is particularly significant if your earnings are brought below the lower earnings limit for National Insurance purposes. Further information can be obtained from HM Revenue & Customs, or from the Department for Work & Pensions.
* These reasons must either fall within the Company’s policy on retirement, injury or disability or be agreed in advance with the Company.