Restricted securities are, broadly, employment-related securities which: • at the date of acquisition • are subject to identifiable restrictions • that reduce the value of the securities For further details, see Practice Note: What are restricted securities? Enterprise management incentives (EMI), save as you earn (SAYE) and company share option plan (CSOP) options can all be granted over restricted securities. Likewise share incentive plan (SIP) shares can also be restricted securities. Restrictions typically have the effect of reducing the market value of employment-related securities (and hence any associated income tax and National Insurance contributions (NICs) charges) upon acquisition. In addition, further income tax (and possibly NICs) charges can also arise on subsequent chargeable events, including the lifting, variation or expiry of the restrictions,