Does anyone have any experience with being awarded Convertible Securities from an employer?
I've been awarded Class-B shares by my employer (which have higher voting rights but can't be sold on the market) - to actually sell them I need to convert them to Class-A shares. I believe this qualifies them as Convertible securities.
Does anyone have lived experience on what happens tax-wise?
Revenue do have a document about them but I really can't understand it. It sounds like income tax is due when the class B shares are Vested and Income tax is due AGAIN when they are converted to class A shares? Is this right?
I really hope to God that's not right.
I've been awarded Class-B shares by my employer (which have higher voting rights but can't be sold on the market) - to actually sell them I need to convert them to Class-A shares. I believe this qualifies them as Convertible securities.
Does anyone have lived experience on what happens tax-wise?
Revenue do have a document about them but I really can't understand it. It sounds like income tax is due when the class B shares are Vested and Income tax is due AGAIN when they are converted to class A shares? Is this right?
I really hope to God that's not right.