UK workers 'losing £184 million' by avoiding share schemes

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UK workers 'losing £184 million' by avoiding share schemes

Tue 9th Sep 2008

British employees will miss out on £184 million in tax breaks this year by ignoring employee-based share schemes, it has been claimed.

Financial advice website Unbiased.co.uk made the statement.

It said there are 9,570 companies running tax-advantaged employee share programmes, including 760 New Share Incentive Schemes.

These give workers benefits that are free of income tax and National Insurance.

According to Unbiased.co.uk, an investment of £1,500 by each of the 560,000 staff in different savings-related share options would mean a total tax saving of £184 million.

David Elms, chief executive of Unbiased.co.uk, suggested visiting an independent financial adviser to see whether a Share Incentive Scheme would be beneficial.

Meanwhile, Halifax has offered advice in how to avoid being conned by share dealing scams.

Nominee services provide "an extra layer of security".

Buying directly rather than through a nominee means individuals' personal data is kept on a register which must be available for scrutiny to see who owns the company.

But the information could become available to share dealing scammers.

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