Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Plans definition

What does Plans mean? Describes the set of design and technical documents for a project. In practice, parties use Plans to mean the drawings and related information that describe the works and are relied upon for design, planning, procurement and construction. The term is not generally defined by statute or case law; its scope is fixed by the contract or licence. Plans means all plans, drawings, models, specifications, reports, design documents and any other materials provided by the Licensor for the purposes of the Project, in hard copy or electronic form, including (without limitation) CAD/BIM models, federated models, schedules, surveys, calculations, method statements, datasheets and...

UK Share Incentive Plans (SIPs) for corporate lawyers: awards, eligibility, trustee requirements, HMRC self-certification and tax reliefs under ITEPA 2003

Published by a LexisNexis Corporate expert

Practice notes

This Practice Note describes:

the awards available to employees under a Share Incentive Plan (SIP)
the statutory conditions which a SIP must satisfy
the tax benefits of SIP awards

A SIP is a tax-advantaged share arrangement designed to give employees of both listed and unlisted companies the chance to acquire Shares (rather than options over shares) in their employer or its parent company. Shares obtained are held beneficially for employees by the trustee of a UK-resident trust (the SIP Trustee), on their behalf. To access the Relevant tax advantages, a SIP must meet the conditions set out in Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), as a prerequisite.

A company may establish a SIP solely for its own staff or, if it controls other companies, extend the plan to employees of one or more of those companies (a group plan), as appropriate. The plan must be operated on an all-employee, non-discretionary basis, and all eligible employees must be invited to participate on the same terms, without exception. A SIP that satisfies the statutory requirements provides a range of meaningful tax reliefs for employees across the organisation...

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Graham Muir

CMS

Graham Muir is a partner in CMS tax team with a 25-year track record of specialism in employee incentive scheme and employment tax issues.Graham advises quoted and unquoted companies on structuring, establishing and operating all forms of employee incentive scheme. He advises on the employer and employee tax, company law, corporate governance and regulatory issues arising out of such schemes (whether share based or cash based).Graham was a founder member of the HMRC Employment-related Securities Forum, is a member of the Consulting Tax Editorial Committee of LexisNexis and is Co-Chair of the Tax Committee of the Share Plan Lawyers group....

Web page updated on 22/05/2026

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