SIPs—self-certification, registration and filing requirements
Produced in partnership with Jonathan Fletcher Rogers of Addleshaw Goddard

The following Share Incentives practice note produced in partnership with Jonathan Fletcher Rogers of Addleshaw Goddard provides comprehensive and up to date legal information covering:

  • SIPs—self-certification, registration and filing requirements
  • Legislation governing SIPs—self-certification, registration and filing requirements
  • HMRC approval process up to 6 April 2014
  • Self-certification and registration regime since 6 April 2014
  • Self-certification—notice and timing
  • Signing up for the new regime
  • HMRC power to enquire into an SIP
  • Outcome of an HMRC enquiry
  • Decision that the plan is no longer to be a Schedule 2 SIP
  • Decision that the legislative requirements need to be met within 90 days
  • More...

SIPs—self-certification, registration and filing requirements

This Practice Note covers the following topics:

  1. the law governing SIPs—self-certification, registration and filing requirements

  2. HMRC approval process up to 6 April 2014

  3. self-certification and registration regime since 6 April 2014

  4. self-certification—notice and timing

  5. signing up for the new regime

  6. HMRC power to enquire into an SIP

  7. outcome of an HMRC enquiry

  8. HMRC general power to require information

  9. annual-return filing requirements

  10. common ERS annual return errors

  11. penalties and appeals

  12. amending annual returns, and

  13. trustee filing requirements

For more general information regarding share incentive plans (SIPs), see Practice Note: What is a share incentive plan? For more general information on the self-certification regime, see Practice Note: The self-certification regime.

Legislation governing SIPs—self-certification, registration and filing requirements

The legislation governing the self-certification, registration and filing requirements for SIPs is contained in paragraphs 81A–81K, Part 10, Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003).

HMRC approval process up to 6 April 2014

Until 6 April 2014, in order to qualify for beneficial tax treatment as a SIP, a plan first had to be reviewed and approved by HMRC as meeting the requirements of the SIP legislation. The company operating the plan was therefore obliged to apply to HMRC in writing for this approval and HMRC was required to approve the plan if it met all requirements of the SIP legislation. These approvals were

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