TaxPersonal TaxFinance director protests as internet company hit by £15m national insurance bill despite mounting losses

Finance director protests as internet company hit by £15m national insurance bill despite mounting losses

The FD of QXL today said the Treasury was 'stabbing internet companies in the back' as the online auctioneer revealed it would have to pay up to £14.8m extra in national insurance for employee share options.

The tax bill was revealed as QXL revealed losses had soared from £11.2m to £38.1m.

However, the company’s share price has soared from 200p in October last year to more than 1600p at the end of December, leaving the staff sitting on potential gains of £123m, the Evening Standard reported today.

Despite its losses, the company has to pay 12% National Insurance on gains in its share option scheme.

Finance director Robert Dighero called for the tax to be removed in next month’s Budget.

Ex-Financial Times finance chief says I do to Yahoo

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