This manual provides guidance on each of the tax advantaged
share schemes including Enterprise Management Incentives (EMI). The
organisation of the manual follows the legislation: section 2
relates to Schedule 2 of Income Tax (Earnings and Pensions) Act
2003 (SIP), section 3 relates to Schedule 3 (SAYE), section 4
relates to Schedule 4 (CSOP) and section 5 relates to Schedule 5
(EMI). All references to paragraphs in each of the sections refer
to a paragraph in that particular schedule unless otherwise
indicated.
Each of the schemes (apart from EMI) requires prior approval
of HMRC before it can be operated. The guidance is intended for use
by companies and practitioners who intend to offer such schemes and
the procedures they will need to follow in order to obtain
approval. Specimen documents are provided in each section to
demonstrate how the requirements of the legislation may be met.
The manual is being released in stages. The first stage
covering SAYE and CSOP will be published in early February 2009
with the sections covering SIP and EMI due for publication by the
end of May 2009.
