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Use employee share schemes for tax breaks
UK employees will miss out on a staggering £171 million of tax breaks this year, by failing to utilise the most tax-efficient employee share schemes, according to Unbiased.co.uk.
There are currently 10,840 companies running a tax-advantaged employee share scheme and of these 940 are the newer Share Incentive Schemes, which give employees returns free of income tax and National Insurance.
If the 570,000 staff currently in another type of savings related share option scheme invested just £1,500 each in a Share Incentive Scheme (just half of the maximum investment) the total tax saved would amount to £171 million.
David Elms, chief executive of Unbiased.co.uk, commented, "Share Incentive Schemes are a brilliant way of being tax efficient and keeping your money safe from the taxman. With more and more companies offering them every year, workers need to make sure they are making the most of this tax saving option."
The Share Incentive Scheme, launched in 2001, is described by the HMRC as "the most tax-advantaged all employee share scheme ever introduced into the UK".
