Share Incentive Plans ('SIPs') are a saving scheme providing benefits to employees in the form of shares in the employing company1. SIPs typically contain four elements2:
(1) 'free shares', which are shares appropriated to employees without payment subject to a maximum value of £3,600 per employee per annum3;
(2) 'partnership shares', which are shares acquired on behalf of employees out of sums deducted from their salary4;
(3) 'matching shares', which are shares appropriated to employees without payment in proportion to the partnership shares acquired by them5; and
(4) 'dividend shares', where dividends accrued on the other types of shares
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