Jurisdiction(s):
United Kingdom

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...

Parallel Options in UK Employee Share Schemes: HMRC acceptance, EMI/CSOP interactions, tax-efficient design and underwater-option fixes, plus practical and IFRS 2 accounting considerations

Published by a LexisNexis Share Incentives expert

Practice notes

The aim of this note is to set out the principal areas in which parallel options are commonly useful, how they interact with other share incentive arrangements, HMRC’s acceptance of such Plans and the practical considerations around implementation. The main application of parallel options is either to add tax efficiency to an unapproved share incentive arrangement or to address issues within existing arrangements such as Underwater options. Practitioners should exercise particular care when putting in place parallel options that involve a tax-advantaged scheme such as an enterprise management incentives (EMI) scheme or a company share option plan (CSOP). The key points are highlighted below (together with HMRC’s published views).

What are parallel options?

Parallel options are employee share option arrangements that are linked to another employee share incentive scheme. They will typically be introduced either to enhance another share plan, eg deliver tax efficiency, or to help ‘fix’ problems with the main incentive scheme, eg where options are underwater. They can relate to either phantom options or options over actual Shares...

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William Cookson

St. James's Place Wealth Management

Will Cookson is head of Partner Structures, Development & Guidance at St. James's Place Wealth Management, having previously been an employee share plans specialist with PwC, Harbour Key, Mazars, Grant Thornton, GE Capital and EY....

Web page updated on 21/05/2026

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