tax on shares

sxi-kenny

Im currently due some cash coming my on the sale of shares i had in the company i work for, however its going through payrol so that tax gets deducted, is there anyway of telling how much roughly il get ??

jonesMUFCforever

How many shares and in which company??

Are they the proceeds of a sharesave scheme or free shares awarded by your employer?

If it is a sharesave scheme then you can cash up to £9000 odd without having to pay any tax (£9k is profit after amount you have paid for them).

If they are free shares they should be free of tax if they have been held for 3 or 5 years (depending on your scheme rules) - if not expect to have tax and National insurance deducted from the proceeds.

sxi-kenny

its though an employee share ownership plan (ESOP) with scottish power, i received a letter saying i will be receiving £5011.20 for my shares, however these are subject to tax and will have to go through payrol.

jonesMUFCforever

I would expect then for 22% of the sum to be deducted in tax giving you about £3900.
(Are you sure that NI is not due as well?)