Tier 1 Extension - Question about Share Save Scheme

[santosh_kalluri]

Guys,

I have been contributing a part of my salary (SAYE scheme, Save As You Earn) in my company nominated bank/firm, for the last 2 years, the maturity date is next year July 2012, but am not working with the company anymore and chose to opt of this scheme and all my saving including a marginal interest was paid to my savings account recently, Can I include this in my previous earnings pls? I have a letter from that firm stating the start of the scheme, the total income I saved and how much was paid when I opted out from the scheme.

Would be really grateful.

Cheers,
Santosh.
P.S: I have read the bit that says company shares and dividends on the guidance file but I dont think mine is dividend as the amount was payed from my Salary (No contribution from employer) the only thing was the Share price when the scheme started but I am not with the company anymore and withdrew my savings.

[Lucapooka]

No, you can't add this lump sum cash-back payment to your previous earnings as it's already been accounted for in your previous earning as part of your salary. Previously, this money was part of your gross monthly pay but was deducted monthly to be set aside for you to buy shares at a discount. If you did not buy shares and have requested the money back in one lump sum (and now being much later), you will merely be getting back your original earnings that are already shown on the payslips rather than getting new additional income. You would be counting the same money twice in the calculation.

[santosh_kalluri]

Yeap, you got me . I totally forgot about the Gross income.

Thanks for the quick reply mate. could you be kindly look at my other queries too.

Regards,
Santosh.

[Lucapooka]

This is for you and anyone else reading who might be considering posting their own question. Why don't you ask all of your questions, relating exclusively to you and your Tier 1 category, in one single thread? I don't know how you hope to keep track of the differing information and comments in the five separate questions you have just posted!

[santosh_kalluri]

1) I thought of the other question only after posting this one.

2) Tracking answers, well...there is the Notify me option below every post, I simply check that to track when a reply is posted. btw I only posted 2 NOT 5.

3) Asking all questions in the same post...Wish life was so simple honestly (1) and Also because I wanted to keep them separate for the benefit of people like me who search for specific words in the subject.

Sorry, I will try to recollect all my questions before posting in future.

Now...where were we? could you kindly help me with my question pls?

I have managed to secure a slot for personal appt at Croydon PEO for 22nd this month, have collated all my documents but stuck on this one point about my previous earnings. I was working overseas from Oct-2010 to June-2011, took a break for a month and came to UK on 27th July-2011. Now I checked on the website and also on the phone with UKBA guys that I do qualify to renew my Tier 1 based on my previous earnings both from overseas (earned in local ccy of the country) and also my UK earnings from my previous employment until Sep-2010.

Now, if I count the immediate 15 months of my previous employment i.e., from now going back to 15months (Aug-2010 to Oct-2011, is that correct?). Effectively I will show my earnings from my active employment until June-2011 (when I was working overseas). If I manage to secure the required points for extension based on my prev earnings for the last 15months, both from UK and Overseas employment, is there a possibility of securing an extension for my Tier 1 (General) pls?

Thanks again.

[mulderpf]

No!! You can only use up to 12 consecutive months during the last 15 months for earnings. You cannot take more than 12 months earnings into account. 15 months from November 2011 takes you back to August 2010. That means, you can use August 2010 to July 2011's earnings (12 months) or November 2010 to October 2011's earnings, but you cannot use more than 12 consecutive month's earnings (if you take the start date and the end date, they cannot be more than a year apart).

Find a period of 12 months which works for you and use that.