{"id":10959,"date":"2026-08-26T11:13:00","date_gmt":"2026-08-26T09:13:00","guid":{"rendered":"https:\/\/www.supralegit.com\/?p=10959"},"modified":"2026-11-10T11:40:25","modified_gmt":"2026-11-10T10:40:25","slug":"stock-options-start-ups-how-they-work-taxed-spain","status":"publish","type":"post","link":"https:\/\/www.supralegit.com\/en\/blog\/stock-options-start-ups-how-they-work-taxed-spain\/","title":{"rendered":"Stock options in start-ups: how they work and how they are taxed in Spain"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Almost every conversation about stock options revolves around the same figure: how many options you are given and what percentage of the share capital they represent. What decides whether the plan ends up being worth anything is something else, namely <strong>when the income arises and under which regime it is taxed<\/strong>. Years can pass between signing and the day those shares turn into money, and taxation does not always wait for that day to arrive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A stock option plan in Spain generates <strong>two potential sources of income<\/strong>. When you exercise the option and acquire the shares below their value, the difference is employment income in kind and forms part of the general base of Personal Income Tax (Impuesto sobre la Renta de las Personas F\u00edsicas, IRPF). When you transfer them, the capital gain or loss goes to the savings base. The grant, which is where many people believe the problem starts, does not normally generate any income yet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What stock options are and how they work<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A stock option is a right, not an obligation, to buy shares in the company at a price set in advance and within a given period. It is a different instrument from phantom shares, which economically replicate the value of the shareholding without delivering it, and from <a href=\"https:\/\/www.supralegit.com\/en\/?p=11106\">warrants<\/a>, which are more typical of investment transactions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The mechanism: grant, exercise and sale<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">With the <strong>grant<\/strong>, the company awards you the options and sets their conditions, including the price at which you will be able to buy. Then comes the <strong>exercise<\/strong>, when you pay that price and the shares become yours. And on the <strong>sale<\/strong> you transfer them at whatever value the company has at that moment. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the strike is \u20ac10 and the share is worth \u20ac50 on the day of exercise, the economic benefit is \u20ac40 per share; if it is worth \u20ac8, you normally do not exercise, unless the plan provides for a different mechanism. What happens if you leave early (what becomes of vested and unvested options, and how long you have to exercise) is set by the plan, not by the law, so it is worth reading that clause before signing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Vesting and cliff: how the right vests<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Vesting<\/strong> is the schedule under which that right vests progressively, linked to length of service, to milestones or to a combination of both, with an initial <strong>cliff<\/strong>, usually of twelve months, before which nothing vests. The most common scheme is four years with a one-year cliff and 25% a year from then on, a contractual practice of Anglo-Saxon origin with no specific basis in Spanish legislation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The exercise price (strike) and the tax valuation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The strike is set in the plan or in the grant agreement. There is no legal rule requiring it to be calculated on the valuation of the last capital increase, although that is a common contractual reference.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>tax valuation<\/strong> is a different matter, and it is what determines how much is attributed to you on exercise. The general rule in Article 43 of the Personal Income Tax Act (Ley del IRPF, LIRPF) is normal market value. For the delivery of shares to employees of a start-up (empresa emergente) there is a special rule (Article 43.1.1.\u00ba.g)): the value used is the subscription value paid by an independent third party in the last capital increase carried out in the year before the delivery and, failing that, the market value at the time of delivery.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The two moments when stock options are taxed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Outside the start-up regime, the plan is taxed at two different moments, with different classifications and different scales.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why the grant is not normally taxed<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When the company awards you the options there is still no income to declare, because what you receive is an expectation subject to vesting and to the company being worth something in the future. The Spanish Supreme Court (Tribunal Supremo) has confirmed this view (Supreme Court judgment, STS, of 20 October 2016): the income is obtained when the option is exercised, because until then it cannot be determined whether there is any income or what its amount is. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The exercise: employment income in kind<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Here there is income: by paying the strike and receiving the shares you obtain a benefit derived from your employment relationship, which <a href=\"https:\/\/www.boe.es\/buscar\/act.php?id=BOE-A-2006-20764\">the Personal Income Tax Act<\/a> classifies as employment income in kind (Articles 42 and 43). The base is the difference between the tax value of the shares and what you paid for them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That amount is included in the general base, except for any part that may be exempt, and is taxed at your marginal rate on top of your salary. The company makes the corresponding payment on account; whether it passes that cost on to you or deducts it from your payslip depends on what the plan and your agreement say. And this happens even if you have not sold a single share.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The sale: capital gain in the savings base<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On transfer you generate a capital gain or loss that goes to the savings base, calculated as the difference between the transfer value and the acquisition value (Articles 34 and 35). To avoid paying twice on the same value, that acquisition value is not just the strike: it also includes the amount already taxed as employment income. It is worth documenting this on exercise, because it is the point that causes the most disputes later on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The savings scale is the sum of the state scale (Article 66) and the regional scale (Article 76), so quoting only one of them leaves the scale at half. For tax years starting from 2025, the combined rates range from 19% (up to \u20ac6,000) to 30% (from \u20ac300,000), passing through 21%, 23% and 27%. You should check that there are no changes applicable to the tax year being declared.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>An example, with its assumptions<\/strong>: 5,000 options with a strike of \u20ac2, exercised when the share is worth \u20ac10 and sold years later at \u20ac18.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Exercise: (10 \u2212 2) \u00d7 5,000 = \u20ac40,000 of employment income, before applying any exemptions or reductions that may be available. At a hypothetical marginal rate of 45%, a cost of around \u20ac18,000.<\/li>\n\n\n\n<li>Sale: \u20ac90,000 transfer value minus \u20ac50,000 acquisition value (10,000 of strike + 40,000 already taxed) = \u20ac40,000 of capital gain. With no other savings income and without taking transaction costs into account, \u20ac8,280.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The comparison is there to show the mechanism, not to promise a specific saving: the result depends on the marginal rate, the autonomous community, the rest of your income and each taxpayer\u2019s personal circumstances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And one caveat specific to unlisted shares. Article 37.1.b) sets a minimum transfer value unless it is proven that the agreed price corresponds to the one independent parties would have agreed. That minimum is the higher of the net equity value proportionally attributable to the shares according to the last balance sheet closed and the result of capitalising at 20% the average profits of the three previous closed financial years. In sales between shareholders or to family members, it is the first place a tax audit looks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The \u20ac50,000 exemption in the Startups Act<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">From \u20ac12,000 to \u20ac50,000<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Article 42.3.f) LIRPF exempts the delivery of shares to employees up to <strong>\u20ac12,000 a year<\/strong>. Since 1 January 2023 that ceiling is raised when the shares are delivered by a start-up, because the exemption \u201cshall be 50,000 euros a year in the case of delivery of shares or holdings granted to the employees of a start-up\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under <a href=\"https:\/\/www.boe.es\/buscar\/act.php?id=BOE-A-2022-21739\">Article 3 of Law 28\/2022<\/a> (Ley 28\/2022, de fomento del ecosistema de las empresas emergentes, known as the Startups Act or Ley de Startups), a start-up is a company that is no more than five years old since incorporation (seven in biotechnology, energy or industry), does not result from a merger, demerger or conversion of companies that were not start-ups, does not distribute dividends, is not listed on a regulated market, has its registered office or a permanent establishment in Spain, keeps at least 60% of its workforce on employment contracts in Spain and carries out an innovative and scalable project endorsed by the <a href=\"https:\/\/www.supralegit.com\/blog\/certificacion-startup-enisa\/\">ENISA certification<\/a>; failing a single condition is enough to fall outside.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What is required to apply it<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Under the general \u20ac12,000 regime, the offer must be made on the same terms to all employees of the company, group or subgroup. For start-ups that uniformity is not required, but the delivery must be made \u201cwithin the company\u2019s general remuneration policy\u201d and contribute to employees\u2019 participation in the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What does not disappear are these two conditions in Article 43 of the Personal Income Tax Regulations (Reglamento del IRPF):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>5% limit<\/strong>: the direct or indirect shareholding of the employee, added to that of their spouse and relatives up to the second degree, cannot exceed 5%, either in the employing company or in another company of the group. The requirement is framed in terms of anything exceeding 5%, so a shareholding of exactly 5% does not literally breach it.<\/li>\n\n\n\n<li><strong>Three-year holding period<\/strong>: if the shares are transferred earlier, a supplementary self-assessment with late-payment interest is required, within the period laid down in that same article.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">That Article 43 of the Regulations is not Article 43 of the Act, the one on valuation. The shared numbering explains quite a few confused citations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The condition is always assessed at the grant<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Article 42.3.f) itself specifies that, where the delivery \u201cderives from the exercise of call options over shares or holdings previously granted to the employees by the start-up, the requirements for being considered a start-up must be met at the time the option is granted\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the company stops being a start-up between the grant and the exercise, the exemption is not lost, because the benefit was fixed earlier. The reverse reading is the uncomfortable one: options granted when the company did not yet meet the requirements are not rescued by obtaining certification afterwards.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The 30% reduction and why it almost never applies<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">For the non-exempt excess, the 30% reduction in Article 18.2 LIRPF is often taken for granted. It requires a generation period of more than two years and attribution to a single tax period, with a maximum base of \u20ac300,000 a year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The same paragraph adds that the reduction \u201cshall not apply to income with a generation period of more than two years where, within the five tax periods prior to the one in which it becomes payable, the taxpayer has obtained other income with a generation period of more than two years to which the reduction provided for in this paragraph was applied\u201d. What blocks it, therefore, is not receiving grants every year, but having already applied that same reduction in any of the five previous tax years. With severance payments or multi-year bonuses in the picture, that history is more likely than it seems, so you should check it before counting on the 30%. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The twenty-fifth transitional provision contains a specific rule for options granted before 1 January 2015, which should not be extended to later grants.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is best not to mix up the two benefits: the 5%, the three years and the uniformity are conditions of the exemption, not of the reduction, which runs separately within the <a href=\"https:\/\/www.supralegit.com\/blog\/implicaciones-fiscales-ley-de-startups\/\">tax advantages of the Startups Act<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-group alignfull has-text-color has-background\" style=\"color:#000000;background-color:#ffffff\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div style=\"height:64px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-small-font-size wp-block-paragraph\" style=\"line-height:.9\"><strong>Get in touch<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"schedule-a-visit\" style=\"font-size:59px;line-height:1.15\"><strong>Need help?<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-7d812b4c wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-theme-palette-2-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.supralegit.com\/en\/contact-us\/\" style=\"border-radius:50px;color:#ffffff\">Contact us<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:64px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How to avoid paying for shares you cannot sell<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Any amount above the \u20ac50,000 exempt remains employment income. The Startups Act does not eliminate it; it changes the year in which it has to be declared (Article 14.2.m) LIRPF).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In start-up jargon, <em>dry income<\/em> is income that has already been attributed to you but cannot yet be turned into money, because there is no buyer and no market in which to sell the shares acquired on exercise.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The three events that trigger taxation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Article 14.2.m) does not leave the criterion open. Non-exempt income \u201cshall be attributed to the tax period in which any of the following circumstances occurs\u201d, and there are three, exhaustively listed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Admission to trading:<\/strong> \u201cthat the company\u2019s capital is admitted to trading on a stock exchange or on any multilateral trading facility, Spanish or foreign\u201d. This includes foreign markets and systems that are not stock exchanges in the strict sense.<\/li>\n\n\n\n<li><strong>Leaving the taxpayer\u2019s assets:<\/strong> \u201cthat the corresponding share or holding leaves the taxpayer\u2019s assets\u201d. A sale, but also a gift or any other transfer.<\/li>\n\n\n\n<li><strong>Ten years from delivery<\/strong>, if neither of the two previous events has occurred.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">What happens if ten years pass with no exit<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If ten years pass from delivery without any of those circumstances occurring, the law requires the income to be attributed \u201cto the tax period in which the aforementioned period has been completed\u201d; you are taxed all the same, with no sale and no money in hand. The period runs from delivery, not from the grant of the option.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That is why the timing of exercise is negotiable. If you have received options, tying it to a liquidity event avoids bringing the bill forward; if you are a founder, a badly placed exercise window passes a tax cost on to the team in a year in which nobody has received any money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How the shares are valued<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The amount is fixed on delivery even if it is declared years later, applying the same criterion in Article 43: the value of the capital increase with an independent third party in the previous year, or market value failing that, taken at the time of delivery and not when it is finally taxed. Exercising right after an up round fixes that base, and the company being worth less when you declare does not reduce it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to declare stock options in your Personal Income Tax return<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An option plan appears in two different tax returns and, with deferral involved, not always the ones you would expect.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company determines the income in kind, makes the payment on account and reports it in the certificate of withholdings and payments on account, which is the figure your return must match. That payment is an advance payment of the tax, not the final liability, so when the income is included in your general base the final result is usually higher.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With deferral involved, a single return may include both the employment income and the gain on the sale, although each keeps its different nature. Keep the documentation on the grant, exercise, number of shares, strike, valuation applied, exemption and payment on account: it fixes the acquisition value and may be needed years later. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And if you change tax residence between the grant, the exercise and the sale, the analysis has to include Non-Resident Income Tax (Impuesto sobre la Renta de no Residentes) and the applicable double taxation treaty, so do not assume that the scheme described for residents stays the same.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to design a stock option plan without tax surprises<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you are a founder, what the Spanish Tax Agency (Hacienda) will check years later is dates and documents, and almost all of them are fixed before the first grant is signed. Reconstructing them when the information request arrives rarely works.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Checklist before granting the options<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Start-up status on the grant date<\/strong>: where the delivery derives from options, the requirements must be met at that time, and obtaining certification afterwards does not rescue earlier grants. If the application to ENISA has gone three months without an express decision, and unless you have been asked to remedy defects (which suspends the period), Article 4 of Law 28\/2022 allows it to be deemed approved by positive administrative silence; document that date as well.<\/li>\n\n\n\n<li><strong>Date and content of each resolution<\/strong>: the granting body, beneficiary, number of options, strike, vesting schedule and exercise conditions. Do not assume that each vesting tranche is a separate grant; that will depend on whether there is a single initial grant or successive, legally independent agreements.<\/li>\n\n\n\n<li><strong>Fit within the general remuneration policy<\/strong>: the start-up exception releases you from offering the plan to everyone on the same terms, but requires the delivery to be made within that policy and to contribute to employees\u2019 participation. The policy must exist in writing, and the plan must be read within it.<\/li>\n\n\n\n<li><strong>Documented valuation<\/strong>: the last capital increase with an independent third party in the year before the delivery or, if there was none, evidence of market value on that date, prepared at the time and not when the tax audit arrives.<\/li>\n\n\n\n<li><strong>What happens to leavers<\/strong>: vested and unvested options, the exercise window and the effect of a transfer before the three years required for the exemption.<\/li>\n\n\n\n<li><strong>The ten-year clock<\/strong>: with a long exit horizon, the team may be taxed without liquidity; it is worth calculating this when designing the vesting.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The stock option design error<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Plans with annual tranches or refresh grants do not in themselves rule out the 30% reduction, but they can complicate the determination of the generation period. In addition, you need to check whether the employee applied that reduction to other income with a generation period of more than two years during the five previous tax periods.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently asked questions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">What happens to my stock options if I leave the company before vesting is complete?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It depends on the plan and the grant agreement. Usually unvested options lapse and vested options can be exercised within a short window after leaving, with three months being a common period, but neither that loss nor that period are rules imposed by law: they are set by your option agreement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Do I have to declare options I have been granted but have not yet exercised?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As long as you do not exercise, as a general rule, no employment income in kind arises for Personal Income Tax purposes. However, their treatment for Wealth Tax (Impuesto sobre el Patrimonio) and the Temporary Solidarity Tax on Large Fortunes (Impuesto Temporal de Solidaridad de las Grandes Fortunas) must be analysed in light of the option\u2019s conditions and the existence and valuation of a right with economic content at 31 December.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Can I apply the \u20ac50,000 exemption if I own more than 5% of the company?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No. Article 43 of the Personal Income Tax Regulations requires that your shareholding, added to that of your spouse and relatives up to the second degree, does not exceed 5% of the share capital. Once that threshold is exceeded, the exemption requirement is no longer met, and the prudent approach is to assume that the income from the exercise is taxed under the general regime. The rule does not specify whether the excess is treated proportionally, so it is a point worth getting advice on before exercising if you are close to the limit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What if I exercise the options and the company never goes public or is sold?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You are taxed all the same, only later. The deferral under Article 14.2.m) lasts until one of three exhaustively listed events occurs, and ten years passing from delivery is enough for the income to be attributed with no buyer and no liquidity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How do stock options differ from phantom shares?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Phantom shares do not deliver shares, but an economic right equivalent to what they would be worth, so the beneficiary never becomes a shareholder and the corporate structure is not altered. You will find the full comparison, with the advantages and disadvantages of each formula, in our analysis of <a href=\"https:\/\/www.supralegit.com\/en\/blog\/phantom-shares-vs-stock-options-comparison-of-taxation-and-business-benefits\/\">phantom shares versus stock options<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-group alignfull has-text-color has-background\" style=\"color:#000000;background-color:#ffffff\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div style=\"height:64px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-small-font-size wp-block-paragraph\" style=\"line-height:.9\"><strong>Get in touch<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"schedule-a-visit\" style=\"font-size:59px;line-height:1.15\"><strong>Need help?<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-7d812b4c wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-theme-palette-2-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.supralegit.com\/en\/contact-us\/\" style=\"border-radius:50px;color:#ffffff\">Contact us<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:64px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Almost every conversation about stock options revolves around the same figure: how many options you are given and what percentage of the share capital they represent. What decides whether the plan ends up being worth anything is something else, namely when the income arises and under which regime it is taxed. Years can pass between&#8230;<\/p>\n","protected":false},"author":5,"featured_media":10684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","_joinchat":[],"footnotes":""},"categories":[166],"tags":[],"class_list":["post-10959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-law"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - 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