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Tax liability on company profit shares
ler01kjh
Posts: 164 Forumite
in Cutting tax
Hi,
I have recently left Tesco, who operates a profit sharing scheme called shares in success. I have forfeited one year's of shares because of leaving, but still have 74 remaining.
However, I now become liable for income tax and NICs. They give me three choices:
1) sell all shares and deduct the liability
2) sell enough shares to cover the liability and transfer the remainder
3) I send a cheque to cover the liability and all shares are transferred.
Which option is best? Also, does anyone know whether I could claim this tax back, given that I have not reached my tax allowance and won't for the year.
Comments appeciated.
I have recently left Tesco, who operates a profit sharing scheme called shares in success. I have forfeited one year's of shares because of leaving, but still have 74 remaining.
However, I now become liable for income tax and NICs. They give me three choices:
1) sell all shares and deduct the liability
2) sell enough shares to cover the liability and transfer the remainder
3) I send a cheque to cover the liability and all shares are transferred.
Which option is best? Also, does anyone know whether I could claim this tax back, given that I have not reached my tax allowance and won't for the year.
Comments appeciated.
0
Comments
-
Which option is best depends really on whether you think the Tesco shares are worth keeping in the long term and only you can decide this.
As regards the tax, you should be able to contact your tax office and reclaim this, you should be able to do this straight away if you're confident your earnings won't exceed your personal allowance for the year.
MaryC0
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