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Skatterättsliga konsekvenser av incitamentsprogram i onoterade bolag

Carlson, David LU (2021) LAGF03 20212
Department of Law
Faculty of Law
Abstract
This thesis treats the consequences incentive plans may have on a private
company not listed on any stock exchange. More specifically in terms of
warrants and employee stocks. An incentive plan is formed in order to
attract, recruit, retain and reward important staff within the company.
Furthermore, it is primarily used as incentive for management and members
of the board. Hence, the purpose of an incentive plan could be described as
through future compensation in terms of ownership in the company,
encourage the employee to work hard towards the company´s goals.
Despite the main purpose of being beneficial for both parts, the tax
consequences play a major role. Warrants and employee stocks are very
dissimilar in tax... (More)
This thesis treats the consequences incentive plans may have on a private
company not listed on any stock exchange. More specifically in terms of
warrants and employee stocks. An incentive plan is formed in order to
attract, recruit, retain and reward important staff within the company.
Furthermore, it is primarily used as incentive for management and members
of the board. Hence, the purpose of an incentive plan could be described as
through future compensation in terms of ownership in the company,
encourage the employee to work hard towards the company´s goals.
Despite the main purpose of being beneficial for both parts, the tax
consequences play a major role. Warrants and employee stocks are very
dissimilar in tax regard since they are being taxed in two different income
types. Warrants are usually being taxed as a capital matter while employee
stocks are classed as employment matters.
A stock incentive plan acquired on favorable terms leads to benefit taxation
for the employee, but also to general payroll tax for the employer.
Therefore, the valuation matter is essential when offering stock incentive
plans since an option acquired below market valuation may lead to
extensive tax consequences. According to chapter 10 § 1 the first paragraph
in the Swedish income Tax Law, a potential benefit taxation occurs on the
day of acquisition. Regarding employee stocks, benefit taxation occurs
when the option is utilized.
The valuation matter gets even more problematic when it regards private
companies rather than public companies since a private company does not
have a market price listed on a stock exchange, which the option price is
based on. Instead, a financial model called the Black & Scholes model is
normally used for valuation. An overvaluation in association with
divestment of warrants is considered a benefit and will accordingly being
taxed a benefit. In connection with M&A deals, it gets even more
complicated, especially if it does not involve a third party. (Less)
Abstract (Swedish)
Uppsatsen behandlar incitamentsprograms beskattningskonsekvenser i
onoterade aktiebolag. Mer specifikt avhandlas incitamentsprogram i form av
teckningsoptioner och personaloptioner. Ett incitamentsprogram utformas
för att attrahera, rekrytera, behålla och belöna viktig personal inom bolaget.
Vidare riktar det sig framförallt till nyckelpersoner inom bolaget som
ledningsgrupp och styrelseledamöter. Därmed kan syftet med
incitamentsprogram sägas vara att genom framtida ersättning i form av
delägarskap i bolaget stimulera den anställde till arbete mot företagets
framtida mål.
Trots att det huvudsakliga syftet med incitamentsprogram är att gynna såväl
arbetstagare som arbetsgivare spelar de skattemässiga konsekvenserna en
... (More)
Uppsatsen behandlar incitamentsprograms beskattningskonsekvenser i
onoterade aktiebolag. Mer specifikt avhandlas incitamentsprogram i form av
teckningsoptioner och personaloptioner. Ett incitamentsprogram utformas
för att attrahera, rekrytera, behålla och belöna viktig personal inom bolaget.
Vidare riktar det sig framförallt till nyckelpersoner inom bolaget som
ledningsgrupp och styrelseledamöter. Därmed kan syftet med
incitamentsprogram sägas vara att genom framtida ersättning i form av
delägarskap i bolaget stimulera den anställde till arbete mot företagets
framtida mål.
Trots att det huvudsakliga syftet med incitamentsprogram är att gynna såväl
arbetstagare som arbetsgivare spelar de skattemässiga konsekvenserna en
fundamental roll. Teckningsoptioner och personaloptioner avviker kraftigt
från varandra i ett skatterättsligt hänseende. Teckningsoptioner anses ha
skatterättslig värdepappersstatus och beskattas vanligtvis under
inkomstslaget kapital, medan personaloptioner beskattas under
inkomstslaget tjänst.
Ett optionsprogram förvärvat på förmånliga villkor leder till
förmånsbeskattning för den anställde, men även arbetsgivaravgifter för
bolaget. Därmed är värderingsfrågan central vid utgivande av
optionsprogram då en option förvärvad till ett icke-marknadsmässigt pris
kan skapa betydande skattekonsekvenser. Enligt värdepappersregeln i kap
10 § 1 1st IL aktualiseras eventuell förmånsbeskattning för
teckningsoptioner vid förvärvstidspunkten. För personaloptioner sker
förmånsbeskattning när optionen utnyttjas enligt personaloptionsregeln i kap
10 § 1 2st IL.
Värderingsfrågan problematiseras ytterligare avseende onoterade bolag
jämfört med kapitalmarknadsnoterade bolag då ett onoterat bolag inte har en
4
marknad att luta sig mot vid fastställande av aktievärde, vilket ligger till
grund för optionspriset. Istället värderas onoterade optioner genom olika
finansiella modeller, av Skatteverket i regel Black & Scholes. En
övervärdering i samband med en avyttring av teckningsoptioner betraktas
som en förmån och är därmed föremål för förmånsbeskattning. Ytterligare
en komplexitet uppstår vid företagsöverlåtelser, i synnerhet om överlåtelsen
ej är till 3:e part. (Less)
Please use this url to cite or link to this publication:
author
Carlson, David LU
supervisor
organization
course
LAGF03 20212
year
type
M2 - Bachelor Degree
subject
keywords
skatterätt
language
Swedish
id
9070580
date added to LUP
2022-02-15 11:32:09
date last changed
2022-02-15 11:32:09
@misc{9070580,
  abstract     = {{This thesis treats the consequences incentive plans may have on a private 
company not listed on any stock exchange. More specifically in terms of 
warrants and employee stocks. An incentive plan is formed in order to 
attract, recruit, retain and reward important staff within the company. 
Furthermore, it is primarily used as incentive for management and members 
of the board. Hence, the purpose of an incentive plan could be described as 
through future compensation in terms of ownership in the company, 
encourage the employee to work hard towards the company´s goals. 
Despite the main purpose of being beneficial for both parts, the tax 
consequences play a major role. Warrants and employee stocks are very 
dissimilar in tax regard since they are being taxed in two different income 
types. Warrants are usually being taxed as a capital matter while employee 
stocks are classed as employment matters.
A stock incentive plan acquired on favorable terms leads to benefit taxation 
for the employee, but also to general payroll tax for the employer. 
Therefore, the valuation matter is essential when offering stock incentive 
plans since an option acquired below market valuation may lead to 
extensive tax consequences. According to chapter 10 § 1 the first paragraph 
in the Swedish income Tax Law, a potential benefit taxation occurs on the 
day of acquisition. Regarding employee stocks, benefit taxation occurs 
when the option is utilized. 
The valuation matter gets even more problematic when it regards private 
companies rather than public companies since a private company does not 
have a market price listed on a stock exchange, which the option price is 
based on. Instead, a financial model called the Black & Scholes model is 
normally used for valuation. An overvaluation in association with 
divestment of warrants is considered a benefit and will accordingly being 
taxed a benefit. In connection with M&A deals, it gets even more 
complicated, especially if it does not involve a third party.}},
  author       = {{Carlson, David}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Skatterättsliga konsekvenser av incitamentsprogram i onoterade bolag}},
  year         = {{2021}},
}