Stressed Eric

Thank you for the information HMRC Admin 25. I have reviewed ERSM20193 and believe my scenario is simpler. My only concern is that I am being double taxed for my RSUs, first time when I receive the RSUs approx. 60% of the RSUs value is withheld as tax. At the end of the year, I am taxed again on the full gross amount of the RSU. To correct this, my understanding is that I can put the value of the tax already paid on my RSUs (approx. 60% of the RSU value) in the section'Employment, self-employment and other income which you paid foreign tax on' - because the RSUs were given by my employer based in the US. As an example: Annual Salary £70,000 RSU Grant shown in September Payslip £10,000 LESS RSU Withheld to pay for Employer NI/ Employee NI / PAYE shown in Sept payslip £6,000 The P60 figure for annual income includes the full RSU grant £80,000 The total value of Tax Deducted in my P60 INCLUDES the £6000 of tax paid for RSU i.e. RSUs withheld. The actual monetary value received for RSUs is September £4000 (10,000 minus 6,000) My tax in the Self Assessment Form is calculated at the end of the year on the TOTAL ANNUAL INCOME i.e. 80000 I have already paid the tax on my RSUs via the RSUs withheld i.e. 6k To correct this double taxation my understanding is that I can claim credit for Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'. Based on the above example, the figure to include in 'Employment, self-employment and other income which you paid foreign tax on' section is the amount already withheld to pay for the tax i.e. £6000. Is this correct? Thank you, Eric

Hi, Please help, I am struggling to know how to complete my 2022/2023 Self Assessment. I have a similar situation to 'maninthestreet'. 1. I work for a US company who annually give me shares (known as Restricted Stock Units RSU) which I sell (exercise) almost immediately on receiving. Restricted Stock Units are shares of stock that are GRANTED to employees by US companies. The RSUs 'VEST' at some point in the future and usually in stages (at a particular date every year). On the date they are GRANTED, there is no tax event. On the date they VEST (i.e.shares now owned by the employee), the value of the vested amount is taxed as Earned Income. This happens through my UK payroll. I see entries in my payslip for the £ sterling value of the entire GRANT PLUS a £ sterling deduction (WITHHELD) for the units that were sold to pay the tax. The amount of deduction is high because the Employer is allowed to take EMPLOYERS National Insurance owed out of the value of the GRANT. The EMPLOYERS National Insurance amount is not included in my annual income shown on my P60. Am I allowed to claim back on my Self Assessment Tax Form the amount of EMPLOYERS National Insurance (13.8%) amount that was taken out of my RSU value ? Can I make this claim in the section 'Foreign Tax For Which Tax Credit Not Claimed' 2. In addition to the EMPLOYERS NI, my company withhold some shares to pay for EMPLOYEE NI and PAYE. This amounts to roughly Employee PAYE (34.48%) and Employee NI (2%). The full gross amount of my RSU value (before Employee NI & PAYE taken out) is included in my P60 value - this pushes my annual income over 100k and therefore my Personal Allowance is reduced accordingly. I therefore end up paying tax twice on the same amount: a) First time when RSUs are VESTED when RSUs are withheld to pay for Employee NI and PAYE. b) Second time when my Personal Allowance is reduced as P60 shows income greater than £100k Can I claim back on my Self Assessment Form the PAYE and NI already paid when they were first vested so that my Personal Allowance amount is not impacted ? Can I make this claim in the section 'Foreign Tax For Which Tax Credit Not Claimed' Note - I sell my RSUs as soon as they are vested, meaning there is no Capital Gains Tax to pay for RSUs. Please confirm if this is correct ? Thanks, Eric