Global Shares – the leading provider of global equity compensation management solutions has appointed Metro Bank – the revolution in British banking – as its Sharesave Savings carrier, joining forces to support the significant number of companies in the UK offering Sharesave to their employees.
Sharesave is one of the most popular tax favourable share schemes in the UK. It enables employees to save between £5 and £500 per month direct from their pay, over a period of three or five years. After the savings period has elapsed, employees can either use the money saved to purchase shares in their company (at a price fixed at the start of the savings period) or have their savings returned.
Savings are protected by the Financial Services Compensation Scheme and can be withdrawn by employees at any time. Sharesave is exempt from tax and national insurance and employers can get a corporation tax deduction on the cost of running the scheme.
Gabbi Stopp, Head of ProShare, an independent organisation that promotes share ownership in the UK, welcomed the news.