CareCPA
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Unfortunately, "Unapproved Stock Options" seems to be a UK-specific term, so I'm having trouble mapping it to the related US term.I'm not in the UK and certainly no tax expert, but I think taxes would be incurred when the options are exercised and sold -- until then, I'd guess that it would all be unrealized gains. Perhaps @CareCPA can chime in if this were a US-based scenario.
However, for options generally speaking, they are taxed when exercised (it does not matter if you hold or sell after exercising). In the US, you can often choose whether you want to sell some of the shares during exercise to pay tax withholding, or you can elect to pay in cash when the time comes.
As always, this is situation-specific, so anyone reading this should consult with their own advisor.
As far as moving and/or structuring to reduce UK liability - I'm afraid I am not going to be any help on that. It is hard for me to imagine that you could just move the options into a company, though, to reduce taxes.
I would think a UK based accountant should be able to answer these for a couple hundred dollars/pounds of consulting fees.
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