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Posted Wed, 14 Jul 2021 13:28:12 GMT by Ed B
I purchased my stock options from my previous employer. Prior to the purchase I had to send them money to cover 1) Employers NIC, 2) Employees NIC and 3) Income Tax using 0T M1 tax code. This equated to almost 60% in deductions, which I believe is too high. The company said: "As you are a previous employee, we must estimate your tax and NICs at the shown rates, if you believe this too be too high/too low, it is your obligation to contact HMRC about any potential under or overpayments of tax. Please can you advise how I can address this? Thank you! 
Posted Fri, 16 Jul 2021 11:34:29 GMT by HMRC Admin 9
Hi, 

If you had already left the employment they are correct to the the 0T M1 tax code.

Please contact our Income Tax department and we can review the position:

Income Tax: general enquiries

Thank you. 

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