Jurisdiction(s):
United Kingdom

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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: Corporate Actions—Reconstructions, Takeovers, Demergers and Rights Issues—Trustee Actions and Income Tax/NICs, CGT and HMRC Treatment

Published by a LexisNexis Share Incentives expert

Practice notes

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The impact of capital reorganisations, takeovers and demergers on awards made under a share incentive plan (SIP)

SIPs are more intricate than other tax-advantaged arrangements when capital reorganisations, takeovers or demergers occur, because participants own shares through SIP trustees rather than holding options. By contrast, for option schemes a share capital reorganisation that does not involve a takeover typically has little or no effect on outstanding options, as any movement in the company’s share price is slight, or participants’ economic position can be protected by adjusting the number of option shares and the exercise price. With SIP awards, the trustees will generally need to take steps, and they may require directions from participants. There are also defined rules about which assets may sit within the SIP after a reorganisation, so choices made can influence a participant’s tax position. The treatment of SIP awards on a takeover depends on how the deal is structured and on the award terms. Following recommendations from the Office of Tax Simplification, the Finance Act 2013 introduced provisions extending tax relief for SIP awards on certain cash takeovers. Accordingly, trustee action and participant instructions can prove key, as holdings must comply with SIP rules. For further...

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Jonathan Fletcher Rogers

Addleshaw Goddard

Jonathan is the head of Addleshaw Goddard's Employee Incentives and Remuneration practice, and advises UK and multinational clients on the design and implementation of share and cash-based employee incentive plans. He also advises quoted companies on corporate governance and disclosure issues in relation to remuneration. Jonathan is a regular speaker at conferences on executive remuneration and share plans more generally and has been recognised as a leading individual in employee incentives in Chambers and Partners....

Web page updated on 22/05/2026

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