This query is related to taxation and shares and the BES company investment scheme so I wasn't sure where to post it, mods please feel free to move...
So I work in a company as a PAYE employee where as a part of the job offer I received say 50 shares, 10 vesting (becoming available to sell) every 12 months. From my understanding, I owe income tax based on the price the shares are on the date they vest and if I sell later on, I owe capital gains on the amount the shares have increased. That much is clear.
I am also a silent director in a Ltd. company (my wife is the other director, it's her company, she's the only employee, I take 0 salary, am just a director on paper).
My query is simple, if her company qualifies for the BES scheme, am I within my rights to sell the shares I have received from my PAYE employer, and invest the entire proceeds into her Ltd. company under the BES scheme, thus not paying tax on the amount sold?
The revenue site ([broken link removed]) seems to state investment from a director is possible but is not possible from a 'connected party' and that seems to be the only grey area.
Thanks in advance for any advice!
So I work in a company as a PAYE employee where as a part of the job offer I received say 50 shares, 10 vesting (becoming available to sell) every 12 months. From my understanding, I owe income tax based on the price the shares are on the date they vest and if I sell later on, I owe capital gains on the amount the shares have increased. That much is clear.
I am also a silent director in a Ltd. company (my wife is the other director, it's her company, she's the only employee, I take 0 salary, am just a director on paper).
My query is simple, if her company qualifies for the BES scheme, am I within my rights to sell the shares I have received from my PAYE employer, and invest the entire proceeds into her Ltd. company under the BES scheme, thus not paying tax on the amount sold?
The revenue site ([broken link removed]) seems to state investment from a director is possible but is not possible from a 'connected party' and that seems to be the only grey area.
Thanks in advance for any advice!