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Mitie

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Mitie shares

Share Incentive Plan (SIP)

The Share Incentive Plan (SIP) is a share scheme regulated by HM Revenue & Customs (HMRC) that gives employees the opportunity to buy shares in the Company out of their gross salary; this means that they save the tax and National Insurance that they would have paid on the salary that they use to pay for the shares.

How it works

Employees choose an amount to invest on a monthly basis, between £10 and £150/month (as long as the amount is less than 10% of monthly earnings). Our administrator, Capita, use this money to buy partnership shares in Mitie Group. These shares are in the individual’s ownership immediately.

Alternatively, individuals may also choose to make a lump sum payment up to a maximum £1,800 per year (as long as the lump sum is 10% or less of their annual earnings). The lump sum payment can only be made in either March or April). 

For every 10 shares that are purchased Mitie gives the employee 1 share for free, as a bonus; these are called matching shares and must be held by the individual for 3 years before they transfer in to their ownership. 

Tax savings

In order to benefit from tax savings, employees must keep the shares they buy in the scheme for 5 years, from the date of purchase.

How do I apply?

Go to www.mitie-shares.com. If this is your first time on the site you will need to register otherwise if you have already set up an account for SAYE then you can just login to join SIP. To register for the site you will need your IVC or Investor Code, if you don't know yours you can request it from Capita by calling 0371 664 0542 from the UK.

Where can I find more information?

For further details please go to www.getyourshare.mitie.com or Employee Benefits page on MiNet.

 

Save As You Earn (SAYE)

The Save As You Earn (SAYE) scheme is open to all eligible employees who are UK or ROI tax residents and who have worked for the Company for at least three months, at the date of invitation. Effectively it is a savings scheme that gives people the opportunity to purchase shares at the end of the three year period at a share price that is set at the beginning of the period.

Applications are invited for a two week period in either June or July and employees choose to make a monthly contribution to the scheme, anything from £5 to £500.

For SAYE the first deductions will be taken from November salaries.

Payments are taken at the same time each month, for 36 months (if it is a three year contract) and the money is effectively held in an account by our administrators, Capita. At the end of the 36 months savings, employees will be able to purchase shares at the agreed discounted price, if they want to. Hopefully, the share price will have increased over this period so the individual will benefit even further.

How do I apply?

If eligible, you should receive a letter inviting you to join SAYE. In the letter there will be details of how to join, including your IVC or Investor Code which is required to join. You can participate by going to www.mitie-shares.com or calling 0871 716 8971 (UK) / 1800 - 844 - 319 (ROI).

Where can I find more information?

Please read the SAYE brochure found on our employee benefits page on Minet or watch our YouTube video for more details.