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Employee Share Schemes

By: Mark Ife
Media of Employee Share Schemes
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Published: 15-03-2018
Format: Paperback
Edition: 7th
Extent: 422
ISBN: 9781526501202
Imprint: Bloomsbury Professional
Dimensions: 234 x 156 mm
RRP: £120.00
 

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Loren Epson

About Employee Share Schemes

Aimed at tax advisers, legal practitioners, remuneration advisers, HR executives, finance directors and company secretaries, Employee Share Schemes provides a comprehensive review of the key issues and techniques needed to create and operate share plans.

It includes, in particular, guidance on the impact that events such as grants, exercises, takeovers, share capital variations and cessations of employment have on the operation of share schemes.

Includes coverage of:
The final report and recommendations from the Executive Working Group to rebuild trust in executive pay structures in the UK, following consultation with over 360 investors, asset owners and company employees and the Investment Association guidelines which take into account this report;
The EU Market Abuse Regulation following the abolition of the UK Listing Authority Model Code.

Table Of Contents

Chapter 1: Introduction

Chapter 2: Types of Scheme Available
Introduction
Discretionary schemes
Schemes for all employees
Other arrangements

Chapter 3: The ABI/Investment Association and other Institutional Investor Guidelines
Introduction
Current guidelines
Historical development of the ABI Guidelines
Summary of current ABI Guidelines

Chapter 4: Establishment of Schemes
Introduction
Companies Act 2006
Prospectus Rules
Financial Services and Markets Act 2000
Listing Rules
Model Code on directors' dealings in securities
Establishing a scheme or plan
Scheme shares – approved schemes under ITEPA 2003
Valuations of shares
Employee communications
Duration of a scheme
Renewal of schemes

Appendix 4A: Recognised Stock Exchanges

Chapter 5: Discretionary Share Option Schemes
Introduction
Principal differences between CSOP options and 'unapproved' share options
Unapproved share options
CSOP share options
Eligibility criteria in share option schemes
Grant of options
Procedure
Price
Non-transferability of an option
Individual participation limit
Scheme limits
Exercise of options
Exercise by employees
Exercise by former employees
Performance targets
Amendments to CSOPs

Appendix 5A: Discretionary Share Option Scheme Rules

Chapter 6: Enterprise Management Incentives
Introduction
Comparison with CSOP options
Qualifying options
Requirements to be satisfied
Income tax
Capital gains tax
Replacement options on a change of control
Annual returns
HMRC power to require information
Share valuations

Appendix 6A: Enterprise Management Incentive Agreement

Chapter 7: LTIPs: Performance, Deferred, Matching, Restricted and Convertible Shares

Introduction
Performance shares
Deferred shares
Matching shares
Restricted shares
Convertible securities
Accounting for LTIPs
The company's tax position
Trustees' tax position
Other structuring issues

Appendix 7A: Performance Share Awards

Appendix 7B: Deferred Share Awards

Appendix 7C: Matching Shares Awards

Chapter 8: Share Incentive Plans or SIPs – General
Introduction
Types of plan
Appointment, retirement and removal of trustees
Powers and duties of trustees
Group plans
Tax-advantages status of a plan
Eligibility
Types of share that may be used
Income tax on a SIP – general principles
PAYE and NICs
Capital gains tax
Miscellaneous
Operating the plan

Chapter 9: SIPs – Free Shares
Introduction
Maximum annual award
Performance allowances
The holding period for free (and matching) shares
Income tax charge on free (and matching) shares
Corporation tax deductions for free (and matching) shares

Chapter 10: SIPs – Partnership Shares
Introduction
Partnership share agreements
Tax relief for partnership share money
Tax charges in partnership share monies paid over to the employee
Tax on cancellation payments in respect of partnership share agreement
Partnership shares ceasing to be subject to the plan

Chapter 11: SIPs – Matching Shares
Introduction
General requirements for matching shares
Ratio of matching shares to partnership shares
Income tax, capital gains tax and corporation tax

Appendix 11A: Share Incentive Plan

Chapter 12: Savings-related Share Option Schemes
Introduction
Eligibility criteria
Timing
Procedure
Price
Scaling down
Board resolution to grant options
Option certificate
Employee communications
Non-transferability of options
Savings contract
Scheme limits
Exercise of options

Appendix 12A: Savings-Related Share Option Scheme

Chapter 13: Takeovers, Reconstructions, Demergers and Dividends

Takeovers
Schemes of arrangement
Voluntary winding-up
Demerger
Dividends
Share incentive plans
Special dividends
Scrip dividends

Chapter 14: Variations of Share Capital
Introduction
Listing Rules
Approved schemes
Rights issues
Capitalisation issues
Sub-divisions and consolidations
Reduction of share capital
Other variations of share capital

Chapter 15: Accounting and the Statutory Corporation Tax Deduction
Accounting for share awards
Statutory corporation tax deduction

Chapter 16: EBTs and Using Existing Shares
What is an EBT?
Employees' share schemes linked to an EBT
Financing of EBTs
Establishment of an EBT
Tax aspects
EBTs and share options
Accounting for EBTs
Listing Rules
Disclosure and Transparency Rules
ABI Guidelines
Directors' report and accounts
Model Code
FATCA
Disguised remuneration

Chapter 17: NISAs and Pension Plans
ISAs
Registered pension schemes and SIPPs
Employee share schemes

Chapter 18: Administration and tax returns
Administration
Tax returns

Chapter 19: Internationally Mobile Employees
Introduction
General taxing provisions in the UK
Residence and domicile
Share options
Restricted securities
Domicile and remittance
Tax-advantaged share plans
Social security treatment

Chapter 20: Cross-border Share Plans
Introduction
Extending UK tax-advantaged plans to overseas employees
UK tax-advantaged addenda to overseas schemes
Establishment of schemes for overseas employees
Overseas laws and the making of share offers to overseas employees
Other administrative matters to be taken into account
US employees
Employee benefit trusts

Index

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