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.Can you tell me about the oprion scheme, terms and conditions etc, please. Was it an appoved one or an unapproved one? Did you pay tax on the profit you made through the payroll? Give me the figures if you have them.
I'm back.If the scheme is eligible tax treatment, that means that the difference between the value of the shares on the day that you exercised them and the price you paid to exercise them is not subject to income tax and NIC. It is subject to CGT.The gain you made by buying (exercising) and selling the shares will be subject to CGT if the total of all the gains you made in the 2013/14 tax year exceeded £10,900 and you had no capital losses brought forward to use against gains made in 2013/14.If the gains /14 were no more than £10,900 and the total of the disposal proceeds your capital transactions, eg share dealing, property sale etc, was no more than £43,600 (4 times the annual CGT exemption) then you don't need to report the disposal in your 2014 tax return.You made a capital gain of £40,198 (£62,196 - £21,762 - £219 - £16 - 1). You need to complete the capital gains pages SA108 which you can find here.Take a look here information on capital gains and capital gains tax.I hope this helps but let me know if you have any further questions.
Your CGT should be around £8,203.44 (£40,198 - £10,900 x 28%) assuming your earnings alone were £41,450 or more.If the options were EMI options, you may be entitled to entrepreneurs' relief which would limit the CGT charge to 10%.