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Trying to sell Shares from my Employer
That-Guy
Posts: 121 Forumite
So I was part of a Sharesave Scheme through my old employer I have come to sell them but get the following warning:
“Please note that for all shares available for this transaction, a ‘blanket’ income tax rate of 47% will be applied to your trade and sent to payroll”
I know little about the process, does this really mean I lose 47% of the available shares showing?
“Please note that for all shares available for this transaction, a ‘blanket’ income tax rate of 47% will be applied to your trade and sent to payroll”
I know little about the process, does this really mean I lose 47% of the available shares showing?
0
Comments
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“Please note that for all shares available for this transaction, a ‘blanket’ income tax rate of 47% will be applied to your trade and sent to payroll”
The payroll of the old employer?0 -
That I’m not sure about I didn’t want to click any further
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How long have you held the shares for?"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
Was it a SAYE or Partnership Scheme - also may be related to your exit (how long ago & on what terms).
Sounds more like Partnership Shares to me ... bought out of gross pay so tax may be due depending on how long you have held them &/or reason for exit (redundancy or resignation)
Best to call the administrator0 -
https://www.gov.uk/tax-employee-share-schemes/share-incentive-plans-sips
Perhaps you have shares through a Share Incentive Plan, rather than a ShareSave. If so, you have to hold them for 5 years, otherwise they will be classed as income and the sale proceeds will be passed through your old employer's payroll system to have tax and NI deducted.
Do you have to sell them? - or can you wait till the 5 years have passed?0 -
https://www.gov.uk/tax-employee-share-schemes/share-incentive-plans-sips
Perhaps you have shares through a Share Incentive Plan, rather than a ShareSave. If so, you have to hold them for 5 years, otherwise they will be classed as income and the sale proceeds will be passed through your old employer's payroll system to have tax and NI deducted.
Do you have to sell them? - or can you wait till the 5 years have passed?
The 47% in the OP seems to be the highest rate of income tax (45%) plus the associated national insurance contribution (2%).
Cannot be a coincidence?0
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