UK Equities, Preference Shares and Convertibles

Gilt-Edged and Loan Stock

† These commissions are not currently subject to VAT. Any commission shared with an agent or other third party will be disclosed on the contract note.

A 'Settlement and Compliance' charge of £5 is added to all transactions.

A 'Certificated' transaction charge of £7.50 will be payable for each certificated purchase made.

A reduced commission charge of £10 may be made for all successfully closed transactions.

Commissions for dealing in overseas shares, other than those settled via Crest, are the same as for dealing in UK Equities, but with a higher 'Settlement and Compliance' charge (minimum £10) to take account of the additional fees levied by our overseas custodians. Please note that purchases of overseas shares can only be made for Nominee, Individual Saving Account (ISA) and Self Invested Personal Pension (SIPP) clients.

NB. If a stock is held in CREST there will be no additional overseas charge regardless of where the company is based. Most major US corporations for example, can be traded for the same cost as UK equities.

For overseas sales outside our normal custodial arrangements we require the certificates and transfer forms in our possession before we can deal ∼ because of the increased complications and risk involved in dealing in some overseas stocks. This service, where available, attracts a minimum commission of £30 and may be subject to restrictions.

We accept orders for the purchase or sale of UK Unit Trusts within Redmayne-Bentley Nominee, ISA or SIPP accounts. We will discount back to clients the full Unit Trust managers' commissions on purchases (sometimes as much as three per cent) and charge commission at our standard equity rates of commission. Clients should note that cancellation rights do not apply on Unit Trust purchases transacted through ourselves. Unit Trust renewal commissions, if received, are not rebated to clients.

Interest payable is subject to a minimum of £10 per half year

*Non-UK stocks may carry a higher charge than that noted. Please contact us for more details.

You should be aware of the specific taxes involved with making investments and the general implications of investments on your tax position.

Stamp Duty is payable at 0.5 per cent on all purchases of UK Equities and Preference Shares (Irish Stocks one per cent) and will be shown separately on your contract note (please note this is rounded up to the next £5 for some stocks). Foreign stocks may also be subject to similar taxes. Stamp duty may also be payable upon the re-registration of holdings from your account ~ where applicable these will also be debited to your account.

Overseas/Foreign stocks may have a UK listing, ie. Dual listing. All Dual listed stocks will be charged Stamp Duty. Also some securities listed in another country, but tradable only in the UK are likewise subject to Stamp Duty or SDRT. Whilst we endeavour to charge duty only on those stocks to which it is applicable, Redmayne-Bentley reserves the right to charge full Stamp Duty at the time of a trade if there is even the slightest doubt that it is due, as required by the Inland Revenue. This extra over payment will be refunded to the client as and when the Stamp Status is fully agreed with the Inland Revenue and there is a ruling that the stock is Stamp Exempt.

A PTM Levy of £1 is charged on all contracts over £10,000 in value. The Government uses this as a contribution towards the costs of the Panel on Takeovers and Mergers.

Any income or dividends derived from your investments will be regarded as part of your Taxable Income. Any gains (or losses) you make on investments will form part of the calculation of your capital gains tax position. Investments also form part of your estate and are therefore relevant in the calculation of your Inheritance Tax position upon death.

These changes take effect from 1st October 2006.