SHARE OWNERSHIP - CURRENT BENEFITS

Share Allowance - example based on a 10m boat

	Non Shareholder	1 Share	4 Shares
	(full rate)
10m	£2,953.20	£2,953.20	£2,953.20
Allowance	Nil	(£435.00)	(£1740.00)

Total Net	£2,953.20	£2,518.20	£1,213.20
VAT @ 17.5%	£516.80	£440.69	£212.31

Total Cost	£3,470.00	£2,958.89	£1425.51

From the above it will be noted that the charge per metre with one share is £295.89 and with four shares it is £142.55 compared with £347 for a non-shareholder. Accordingly, a return of £511.13 (allowance on one share + VAT) is the equivalent of £638.91 to a 20% taxpayer or £851.88 to a 40% taxpayer and a return of £2044.50 (allowance on four shares + VAT) is the equivalent of £2555.63 to a 20% taxpayer or £3407.50 to a 40% taxpayer. This also applies to the following benefit:

Hoisting Charges

Currently a 12.5% reduction is available on hoisting charges for each share held (up to a maximum of 50% reduction for lift-out and relaunch). Applying this to our example of a 10m boat this means:

All prices inc VAT	Non Shareholder	1 Share	4 Shares
Lift out to yard or relaunch	£130.00	£113.75	£65.00

Details of those wishing to buy or sell shares can be obtained from the Registrars of Sailport Plc by contacting:

Bishop Fleming Chartered Accountants
Cobourg House, Mayflower Street, Plymouth PL1 1LG
Tel: (01752) 262611 / Fax: (01752) 667882.