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A public limited company with 13 000 employees de-listed to become a private company after a management buy-out (MBO). They had save-as-you-earn (SAYE) linked share option plans for all their employees.
The MBO took place about 30 months into a three-year SAYE offer the minimum savings contract being 36 months. It seems the scheme then became an unapproved rather than an approved scheme.
The HMRC compliance inspector is chasing my client – one of the employees – for PAYE on the gain made from the cash offer for shares. The company gave the employees in the SAYE scheme a bonus subject to tax and NICs under PAYE equivalent to the remaining amount that they would have saved under the scheme (say six months in my client’s three-year SAYE case).
The employees were able to use that bonus to purchase shares but at the current market value....
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