Re:G7: Rich nations back deal to tax multinationals
by gambiting on Sunday June 06, 2021 @03:47AM
(#27411497)
I've received shares several times from the company where I work in the UK and every single time they have been taxed as income. If you are just given shares straight up then yes, they are subject to income tax on their worth at the time of acquisition.
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Re:G7: Rich nations back deal to tax multinationals
by walshemj on Sunday June 06, 2021 @06:40AM
(#27412156)
They didn't bother to set up an HMRC approved scheme?
Where these US companies? employee share holders in the USA really get screwed
Re:G7: Rich nations back deal to tax multinationals
by gambiting on Sunday June 06, 2021 @07:31AM
(#27412395)
I'm not sure what you mean? At the point of acquisition if you are given shares worth say £10k, it's the same as being given £10k cash, or £10k gift of some sort - you pay income tax based on the value of what you were given. It's different if you were given options - then the difference between your purchase price and sale price is taxed as capital gains with separate rules.
And no, it's a British company .
Re:G7: Rich nations back deal to tax multinationals
by walshemj on Sunday June 06, 2021 @12:55PM
(#27414425)
Insane then, why did they not set up a proper scheme https://www.gov.uk/tax-employee-share-schemes.
Bit of a red flag that the company is so badly run.
Re:G7: Rich nations back deal to tax multinationals
by gambiting on Sunday June 06, 2021 @04:20PM
(#27415969)
Because while I work for a British company the shares are awarded by our French HQ, so unfortunately none of those share planes are available in this case. The company employs 50k+ people globally and only HQ awards shares.
Also I'm not sure how much tax this would actually save - you can only get £3600 worth of shares tax free per year on the employee incentive plan(which seems closest to what I'm getting, flat number of shares after 4 years). That's a very....low amount.