How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10398
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I have a question around tax liabilities on purchase of

This answer was rated:

Hi I have a question around tax liabilities on purchase of share options from my ex-employer who is a US private company
JA: Have you talked to a tax professional about this?
Customer: No but my ex employers lawyers have told me what I need to do but wanted to check with a UK professional
JA: Anything else you want the Accountant to know before I connect you?
Customer: No just around capital gains and income tax on share options
JA: What are the assets or property for this capital gain?
Customer: Share options worth approx. £100k

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Is this share scheme HMRC approved?

Customer: replied 1 year ago.
Not sure it’s a USA private company
Customer: replied 1 year ago.
I have 15 mins now up to 11am if you want to call now

You must check with the company; the tax treatment is entirely different.

Customer: replied 1 year ago.
It would be easier to explain over the phone I am free between 3 and 5 pm today or after 6 pm ?

The answer is relatively simple once I know the HMRC approval position.

Customer: replied 1 year ago.
How do I find out if it’s approved ?
Customer: replied 1 year ago.
What the US lawyers are saying is that when I purchase the options I have to pay UK income tax on the gain as it stands at present. The options are priced at $105 and current valuation is $173.25. And I have to pay tax on the gain now. I can’t sell the shares until the business is sold (owned by private equity) so when it’s sold, if there is another gain then do I pay income tax on the extra gain or capital gains tax

Ah, solves the problem.

I would like to talk, but from long experience I think you will find it easier to ring me. I am on 01750 725420, I will be in all day.

bigduckontax and other Tax Specialists are ready to help you

I think we covered everything in the telephone call.

Thank you for your support.