I have been taxed on SIP shares.

Ozzyjclarke

Hello, 
I have been taxed on my SIP shares that I took out with the company that I work for. I have tried contacting HR, and the company that deals with shares. However, my companies HR team are shut at the moment, and the contact number for the share company is: 'unrecognised.'

I have checked the HMRC website, and they say that you do not pay tax on SIP shares.

Unfortunately, I cannot find any information on Equate-plus, other than the u recognised phone number. 

Any help would be much appreciated  

Company I work for : Screwfix, who are owned by Kingfisher PLC.
Share Company : Equate-plus

macman

There is no such thing as a 'SIPP share', but you can purchase shares within your SIPP and the contributions will attract tax relief. What did you actually invest in? Equate plus/Equatex is just a platform.
https://www.equatex.com/en/contact-us/

Linton

macman said:

There is no such thing as a 'SIPP share', but you can purchase shares within your SIPP and the contributions will attract tax relief. What did you actually invest in? Equate plus/Equatex is just a platform.
https://www.equatex.com/en/contact-us/

SIP=Share Incentive Plan, very different to SIPP

Ozzyjclarke

On the equate portal, it says Kingfisher SIP shares, so I aren't too sure.

When I started paying into it, it was a share scheme type thing. Other than that, I aren't very clued up on this kind of thing 🙄

macman

So it's the Sharebuild plan?
https://www.kingfisherpensions.com/wp-content/uploads/2014/10/6390_Kingfisher_SFYF_2014_Book4_Web.pdf
Have you sold your share within 5 years of joining the scheme?

Ozzyjclarke

Update : the transaction is being carried out by, Sanne Trust Company UK

Ozzyjclarke

I have sold them within 5 years yes 

Ozzyjclarke

I have had the share plan for over 5 years  

ChilliBob

Any you have disposed of before a certain period will be liable to income tax, those held for longer, 5 years perhaps as above, not.

When I disposed of some before that period HR dealt eith the income tax via payroll, so nothing to do  

TheAble

SIP shares not fully tax-free until you have held for 5 years.

Ozzyjclarke

Thanks guys

I've managed to sort it out now. Unfortunately, Equate have some seriously bad reviews with people complaining about the time it takes to receive their money.

Round 2 it is!