Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Requirements definition

What does Requirements mean? In Development Consent Order (DCO) practice, Requirements are the binding conditions that regulate how, when and on what detailed terms the authorised development may proceed. They typically oblige the undertaker to submit and secure approval of detailed design, construction, and environmental management documents (for example, CEMP, traffic, landscape, contamination and archaeology plans) before commencement, phased works or operation. The term is used in legislation: section 120 of the Planning Act 2008 permits a DCO to impose “requirements”. In most DCOs they are set out in a schedule (often Schedule 2) and function similarly to planning conditions under the Town and Country...

Share Incentive Plans (SIPs) under ITEPA 2003: Award Types, Eligibility, Trust and Trustee Requirements, Documentation, Self‑Certification, Reporting, Tax Reliefs and Reconstructions (UK)

Published by a LexisNexis Share Incentives expert

Practice notes

This Practice Note offers an introduction to the HMRC tax-advantaged Share Incentive Plan (SIP). It summarises:

the categories of award available under a SIP
the principal Requirements that must be met to operate a SIP
the documentation likely to be needed in relation to a SIP, and
the tax treatment for both the employee and the employer

Background to a SIP

The SIP enables employees to obtain Shares in their employer, or a parent company of the employer, in a tax-efficient manner. The legislative framework for the SIP is primarily set out in:

Schedule 2 to the Income tax (Earnings and Pensions) Act 2003 (ITEPA 2003), which explains how a SIP may operate and the key conditions that must be met for it to qualify as a ‘Schedule 2 SIP’
ITEPA 2003, Pt 7 Ch 6 (ITEPA 2003, ss 488–515), which details how shares acquired under a SIP are treated for income tax purposes

One of the SIP’s major advantages is its flexibility. Schedule 2 allows three distinct types of award to be made (with the additional ability for...

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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 21/05/2026

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