Possibility of being made an equity director

Evening
Would appreciate some guidance if available.
I recently had an end of year review with my boss and he made it known that in the near future the company (financial services provider) intended offering me role of director with an equity holding of approx 7% - 10% of the business. I will not have to buy this equity, it will be given freely by the other 2 directors in the business who will be reducing their equity downwards proportionally.
Is there any potential pitfalls / tax implications that I should be aware of here - its something that I didnt see coming down the line and now that its been broached its a process I want to be clear about prior to progressing.
thank you

You should seek professional advice.

The value of the shares would have to be determined and as a minority interest in a private company would be heavily discounted but depending on value could result in a tax exposure.

As a director you have substantial responsibilities.