IFA Prophitshare share scheme

IFA Prophitshare share scheme

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Can anyone help with the proposed treatment of this ifa scheme being introduced this year from members of a network called Postive Solutions.

Some are saying that the scheme payout is revenue and others state it is a form of share entitlement and should be treated as capital

It basically works that each member gives up their rights in the scheme in exchange for a share fro each £1 of commission earned in 2005 and this value is set at 50p per share paid out 31/7/06 and then a further 10p per share 31/7/07.

has anyone seen this scheme and can help clarify the tax treatment?

Donna Westwood

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