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Sharesave problem as a result of leaving due to bullying


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Hello,

 

My wife was basically bullied out of work and we came to an agreement with the aid of solicitor to a pay out, compromise agreement signed. One part of the CA was that sharesave maturing Dec 2011 were to remain uneffected, but they actually matured in Feb 2012.

 

The issue is that my wifes official leaving date was 20th Jan 2012, so the company have said that she is only entitled to here money back they stated that HMRC does not allow it. But she is fully paid up and I have read that she can still excerise her option but will not be due the Tax free element. This could be worth £2k to us and we really need it.

 

Is this the case, any advice very welcome, our solicitior has not been at all helpfull in this part of the matter.

 

Ta

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Hello there.

 

I think it might help us if you could post up exactly what the company literature/letters say about cashing in a sharesave scheme please.

 

Do you know what HMRC rule they're quoting?

 

My best, HB

Illegitimi non carborundum

 

 

 

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I could be wrong here, so await further caggers advice, but if this is in a CA and they are breaking the agreement, then your recourse is to the county court for breach of the contractual agreement. Have you written to them and received a written reply? Have you been back to the solicitor you used? Where did the December 2011 come from? It strikes me that someone has fouled up was it the company?

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Hello, thanks for the responses, the December 2011 error came from us, we assumed that as last payment into the scheme was Dceemebr 2011, then we would be fine for the shares. It then transpired that the actual maturity date was Feb 2012. I have sent an email asking for the T&C's of the Sharesave and I will be asking my wife to call the company who runs the Sharesave. It seems to me that it will be based on the T&C's, are we able to sell what we have of the shares despite not reaching the maturity date, then liable for Cap gains tax. If not an email from the company says that as the shares have been purchased, they will re sell them and the money goes back into the company, with us getting what we paid in. Not sure how this will go.

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