What is a SIP?


Produced in partnership with Jonathan Fletcher Rogers of Addleshaw Goddard
Practice notes

What is a SIP?


Produced in partnership with Jonathan Fletcher Rogers of Addleshaw Goddard

Practice notes
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FORTHCOMING CHANGE: Following its announcement as part of the Spring Budget on 15 March 2023, HMRC published a call for evidence on how to improve and simplify non-discretionary tax-advantaged Save As You Earn (SAYE) and Share Incentive Plan (SIP) schemes on 5 June 2023. The call for evidence focused on the effectiveness and suitability of SAYE and SIP, participation levels in the schemes, their flexibility and ease of operation and administration, whether the schemes are appropriately targeted to incentivise share ownership amongst those on lower incomes, and how other performance incentives compare to SAYE and SIP. The deadline for responses was 25 August 2023. For further details, see: Share Incentives weekly highlights鈥8 June 2023.

This Practice Note provides an introduction to the HMRC tax-advantaged share incentive plan (SIP). It provides a summary of:

  1. 鈥

    the types of award that can be made under a SIP

  2. 鈥

    the main Requirements that need to be satisfied to operate a SIP

  3. 鈥

    the documentation likely to be required in connection with a SIP, and

  4. 鈥

    the tax

Jonathan Fletcher Rogers
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.

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Requirements definition
What does Requirements mean?

A DCO should include 鈥淩equirements鈥 to which the development authorised by the DCO is to be subject. Similar to planning conditions, a requirement specifies the matters for which detailed approval needs to be obtained before the development can be lawfully begin.

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