Company shares and tax implications

LYT_2

Hi
The company I work for has recently offered me 10% shares in the business and the opportunity to become a co-director. It is a ltd company and has had significant growth in the last 5 years which is expected to continue.

Will the share offer affect my tax band or status? What do I need to consider?
If I am given 5% in shares does this count as income and will I be given a wopping tax bill?
Does being a director put my personal wealth at any risk?
If the company's fortunes take a turn south in the coming years - what are the implications to my personal money?
Anything else that I should consider?

Thanks
LYT

John_Pierpoint

In general terms, what does this "private (?)" company do to make its profits? (ie make widgets, sell personal services).
What powers does it have ? - if you are going to be a director you need to mug up a bit on your responsibilities.
If it is a small company, the bank may expect personal guarantees, thus nullifying some of the privileges of limited liability.