"If he gets an accountant to do his tax he doesn't have to pay the tax on these profits (sales) until 30 April 2011"
Paytrade, I am a tax accountant and I have no idea where this idea comes from? could you explain.
Prior to 01/07/09 Employee shares/options could be taxed 2 different ways.
1. If a s139E form was completed the market value shares (less any payment) is your taxable income in the year the shares are received. Essentially you elect to be taxed now.
2. If no s139E form is completed the tax assessable value of the shares rolls over until either: a. the shares are sold b. 30 days after employment ceases
I had a client who left Macqu. Bank in November 2007 after accumulating Employee shares since 1996. She never completed an s139E and as a result got spanked. If she'd stayed on another few months the story would have been a lot different!
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