Company Shares

CONTACT ADDRESSES Company Shares : CAPITA The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU Helpline: 020 8639 3333 Email: Nominee Share Plan holders can now obtain an online valuation of their fund on You will need to obtain your Investor Code to gain access (and you can get this from Capita). Company Shares in PEP: Stocktrade, P.O. Box 1076, 10 George Street, Edinburgh, EH2 2PZ. Phone: 0131 240 0441 TAX ON COMPANY SHARES 1. US tax is deducted at the UK/US double taxation rate of 15%. Depending on how you hold the shares you will periodically receive a US IRS form which needs to be completed and sent back to receive the reduced 15% tax rate. Care needs to be taken to ensure the form is properly completed. 2. On the UK Self Assessment Tax Return: a. Page 2 – Q6 you need to tick boxes 1 and 3 plus the Foreign box. b. Page F1- you need to complete sections A, B, C and E and tick box on right to claim foreign tax credit relief. If you do this and do not receive the US 15% tax as a deduction on the tax calculation sent to you call your tax office and say you do not agree with the assessment as you have not received foreign tax credit. Note: If for any reason you have either not submitted a US IRS form or have incorrectly completed it you will be taxed at a higher rate but the UK HM Revenue and Customs will only credit 15%. 3. UK Capital Gains Tax (CGT) If you hold shares in the nominee plan then any disposal of shares is not exempt from CGT (the current exemption amount is £11,000 per year for the 2014/15 tax year). CGT is a complex area and you will likely need to seek expert advice to ascertain the relevant prices to test against the CGT limit – Capita inherited share purchase information from the stock ownership plan administrator, Mourant, but are not in a position to validate the information held. If you are non-UK resident then you may also need to seek local advice to ensure that there are no tax implications of either holding Chevron Corporation shares or disposing of such shares in your country of residence.. 4. A Cautionary Tale in 2015. I am a retired CUK employee living in Indonesia. Recently (I imagine like all other holders of Company Shares) I was obliged to move to Computer Share in the US, or to a UK Stock Broker. Capita carried the transfer and then washed their hands off me. The share certificate had not arrived to me here in Indonesia and I was getting concerned….I emailed Capita and all they could say was that they had completed their end of business and if I wanted further information I would have to write (snail mail) or telephone Computershare in the US. I eventually ended up ‘phoning them (it took quite a while for my account to be located) and found out the following: · It seems that Computershare had mailed the information to me(on 26th June), however since the postal service here is notoriously unreliable I have not received the information, and have had to ask for it to be resent. · None of the details of previous CUK holdings e.g. IVC number, or Form W8-BEN have been carried forward to Computershare, which means that anyone who recently resubmitted theirs and went over to Computershare will have to resubmit, and of course I was unable to log onto their website with my old IVC number. · You will also be required to let them know how you wish to have your dividend funds paid, or they will send you a US Dollar Cheque….without having deducted the 15% tax. You are able to nominate the currency in which you wish to be paid. I hope that the foregoing might be of value to someone.