I've been part of a share saver scheme at work now for nearly 3 years where £xxx amount of money gets taken from my monthly salary (before tax) and put into the scheme. After a 3 year period I get the option to buy the shares at a share price agreed at the beginning of the term. My three years is up very soon and want to pull the money out as the share prices have almost doubled, what i'd like to know is am I due to pay any tax on the profit i've made on the shares? I've heard a rumour that i have to pay 40% on any profit earned from the shares (capital gains tax??).

Does anyone know where I stand as our HR dept are in India and fookin useless!!

Cheers

 

I think capital gains tax is 18%. In our scheme at work we have to pay tax and national insurance if we sell the shares before 5 years as they got bought out of our gross wages.

 

we had a scheme at our work, and if you sold after 3 years we had to pay tax, but it we left it for 5 years we didn't have to

 

put them in an ISA first matey to avoid paying Tax. Can't remember how long you have to hae them in there for though!

will find out for you.

I have an awesome financial adviser who is a good mate of mine. You should use him! top man he is

 

Sounds similar to ours. With ours we get 1 share free for every 3 we buy but loose them too if we sell up early.

 

Porkie - sounds like a good idea mate, can you find out what the minimum term is that I have to have the money tied up - missus wants a new kitchen!!!!!

Not sure if we have the 5 year thing here. I get the option to renew the option at the same price for another 3 years but personally can't see our company shares going up at a the same rate they have been.

Chris

 

I believe you also get a 10k allowance as well per annum.

 

Cantors / BGC are giving out RSU's


Cunts!

Edit, porkchop, heard anything back about the watch? send me a bloomberg mate if so

 

Just about to say that.

Unless you are making over that much then dont worry...

think its £10,200 actually

If its more... just sell some this year QUICKLY! and then some in few weeks when new tax year starts


Dave. Watch is ordered and paid for. Expecting it soon !

I sent you a bbg... but it says you are not logged in

 

good info interesting to me as i might be joining a scheme soon.

 

what Porky said , you should pay tax at your normal rate on any PROFIT over £10200

You should declare this at the end of a tax year when you do returns or make a claim, if you dont tell em they are unlikely to find out though

 

ok brillian, I think the profit on the shares is just under £10,200 (around 7k profit) so shouldnt be paying nothing onit no? Just working out how much i'll actually be getting.