Sharesave tax?

[J4CKO]

Put a small amount in my company share scheme in 2019, its made some money, thought may pull it out.

Done them before and just got back the value to my bank account but this one says, when I try to transact,

£1600 or so to my bank, £94 fees, and £1900 to payroll which will be taxed ?

Is this new, its not a huge number but get the impression will be paying full tax and NI on it.

Thought shares were part of your CGT allowance ?

Its like £94 fees, then 42 percent of the £1900 goes, leaving me with £2700 ish, I put £1800 in during 2018 into 2019 (The maximum) and its not a bad return but £1200 goes in fees and tax at that if it is as I think.

Any suggestions, is it the case after another year there is no tax to be paid ?

[cml24]

I presume this is a Share Incentive Plan? You buy some shares every month, the company gives you some more each month?

https://www.gov.uk/tax-employee-share-schemes/shar...

You have to hold them for five years to be tax free. Presume half yours aren't all over five years?

[J4CKO]

cml24 said:

I presume this is a Share Incentive Plan? You buy some shares every month, the company gives you some more each month?

https://www.gov.uk/tax-employee-share-schemes/shar...

You have to hold them for five years to be tax free. Presume half yours aren't all over five years?

Yeah, it was 23 shares I bought and they add seven after four years but you cant sell them, they matured this week so thought would sell them take my profit.

So I need to hold them another year for them to be tax free ?

[J4CKO]

Worked out its a SIP and needs to stay there for another two years to be tax free, so thats where it will stay.