Tax on company share options

Hello,
Next year, I will be able to exercise some options, in the form of approved CSOP shares (up to £30k), and unapproved.
I understand that I don't have to pay income tax on the approved plan,
but might have to pay on the unapproved plan. I also understand that I don't pay capital gains on the first £8k of profit.
How can I reduce the tax? Can I transfer £8k portions to different family members (wife, mother-in-law, father-in-law, brother-in-law, as long as they are not receiving anything already which will fall within the £8k allowance)? Does it matter if they live outside the UK but within the EU?
When do I need to do this? Do I do it before I exercise the options? How can I do this?
Any info appreciated.
Cheers
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On 12 Aug 2005 06:56:41 -0700, loadofcr snipped-for-privacy@yahoo.com wrote:

Pay the tax. Spurious "transfers" will not help.
--
Peter Saxton from London
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If the scheme rules allow, an inter-spousal transfer might be advantageous.
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Doug Ramage

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Thanks Doug. Any idea what the rate of tax is on the amounts outside the allowance (£8k)? Is CGT 40% in that situation?
Also, any idea if it is taxed at source or will I need to send the money to Inland Revenue at the end of the year?
Cheers
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Thanks Doug. Any idea what the rate of tax is on the amounts outside the allowance (8k)? Is CGT 40% in that situation?
Also, any idea if it is taxed at source or will I need to send the money to Inland Revenue at the end of the year?
Cheers
The CGT exemption limit for 2005-06 is 8500.
The net relevant gain is added to one's income to determine the rate of CGT applicable.
The CGT rates are 10%, 20% and 40%.
If one is already a 40% taxpayer, the CGT is 40%.
You normally have to send the relevant tax to HMRC - for 2005-06, this would be by 31 January 2007.
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Doug Ramage

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