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Employee Sharesave Scheme
TalkTalkBoy
Posts: 153 Forumite
Hi,
I started paying money into an emplyee sharesave scheme in June of this year at a rate of £150/month over three years with Carphone Warehouse. I am purchasing the shares at a price of 259p per share (currently on the market at 347p).
Two days ago it was announced that Carphone will now be in the FTSE100 for the first time and this could potentially up the price quite alot !
The sharesave scheme is run by Halifax and the money is taken straight out of my earnings before tax. When i logged into the Halifax sharesave website i noticed there is a band sort code and account number. If i transferred money into this account by BACS would i be able to top this up as needed by transferring money and then count this towards shares at the end of my 3 years ?
I started paying money into an emplyee sharesave scheme in June of this year at a rate of £150/month over three years with Carphone Warehouse. I am purchasing the shares at a price of 259p per share (currently on the market at 347p).
Two days ago it was announced that Carphone will now be in the FTSE100 for the first time and this could potentially up the price quite alot !
The sharesave scheme is run by Halifax and the money is taken straight out of my earnings before tax. When i logged into the Halifax sharesave website i noticed there is a band sort code and account number. If i transferred money into this account by BACS would i be able to top this up as needed by transferring money and then count this towards shares at the end of my 3 years ?
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Comments
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No !! The sharesave scheme is a fixed payment and fixed term scheme. Any messing around with the payments may invalidate the scheme for you. I didn't think that sharesave schemes were eligible for tax deduction, are you sure it is before tax, my company scheme definately isn't.
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im fairly certain its before tax, but no dought ill be taxed at some point on it0
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All Shavesave schemes are after tax and as stated you can't pay extra or less than the amount you contractually agreed to. Your end of term bonus is tax free and it is a great way to save even if the share price isn't great at the term end as you can opt for the money or put the shares directly into a tax free ISA in the hope the share price might rise in the futureIn giving
you are throwing a bridge
across the chasm of your solitude.The Wisdom of the Sands. Antoine de Saint-Exupery0 -
I regularly do SAYE and in agreeance with others the contribution into your scheme is after tax. Kind of cannot lose really. It is a win win situation really, if the share price goes down below the price they were purchased at, at the beginning of the term, there is the option to take the money and with bonus's this is equivalent to earning around 4.5% interest on the money. Otherwise the share price has increased and you can sell tax-free the shares. I love them, a great scheme0
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Apart from any CGT liability.save-a-lot wrote: »...... and you can sell tax-free the shares.0 -
yeah of course0
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