Cashing out shares from previous employer?
Discussion
Hi guys, just after a bit of advice regarding the shares that I bought through my last employer.
About two years ago I signed up for the share incentive plan that my employer was offering following flotation onto the stock exchange. Money would be deducted from my pre-tax salary each month and would be used to purchase shares. If I stayed with the company for another 5 years (I think) the shares would have been tax free and doubled. In the event of leaving before the 5 years, the shares would be taxed but still bought.
I left the firm at the beginning of the month and want to sell my shares.
I contacted the (separate) company that ran the SIP on behalf of my old employers, they told me that my employer would senD me a letter detailing how much tax would be owed on the shares within two weeks, at which point Three weeks have passed and nothing from my employers. I tried contacting the H.R department and of course, they referred me back to the external company stating that any share relating issues are their problem.
The company controlling the plan say that their hands are tied for 3 months after the date of leaving, at which point they can calculate the tax owed without invention from my previous employer and only then I could action the sale of the shares.
Does this sound about right? 3 months seems a little excessive to simply Sell shares that I already own? Can they not simply average out the amount of tax I'd pay from my P45?
While it's not a massive amount of money, the deductions from my final pay packet were a kick in the balls and I really need this money back ASAP.
I'm a complete n00b at this stuff, so any input is appreciated.
About two years ago I signed up for the share incentive plan that my employer was offering following flotation onto the stock exchange. Money would be deducted from my pre-tax salary each month and would be used to purchase shares. If I stayed with the company for another 5 years (I think) the shares would have been tax free and doubled. In the event of leaving before the 5 years, the shares would be taxed but still bought.
I left the firm at the beginning of the month and want to sell my shares.
I contacted the (separate) company that ran the SIP on behalf of my old employers, they told me that my employer would senD me a letter detailing how much tax would be owed on the shares within two weeks, at which point Three weeks have passed and nothing from my employers. I tried contacting the H.R department and of course, they referred me back to the external company stating that any share relating issues are their problem.
The company controlling the plan say that their hands are tied for 3 months after the date of leaving, at which point they can calculate the tax owed without invention from my previous employer and only then I could action the sale of the shares.
Does this sound about right? 3 months seems a little excessive to simply Sell shares that I already own? Can they not simply average out the amount of tax I'd pay from my P45?
While it's not a massive amount of money, the deductions from my final pay packet were a kick in the balls and I really need this money back ASAP.
I'm a complete n00b at this stuff, so any input is appreciated.
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