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What share arrangements exist?
Share schemes can be either 'approved' or 'unapproved' by the Inland Revenue. Those which are approved are in general less flexible but offer more favourable tax breaks.
The most common types of employee share schemes are:
• Unapproved share option schemes.
• Approved share option schemes.
• Save As You Earn (SAYE) schemes.
• Approved profit sharing schemes.
And the most recent:
• Enterprise Management Incentive.
• Share Incentive Plan.
Why should you have a share scheme?
There are many reasons why you may want to implement a share scheme. Firstly it will enable you to remunerate employees in a tax-efficient manner and motivate them to perform better. A scheme can also help to attract and retain staff and enables employees to participate in the share ownership of the company.
How can mfg Solicitors help?
Before deciding on which type of scheme to implement, it is important that you clarify the objectives it is to satisfy, and consider these in the light of all of the different options.
There are also complicated rules for disclosing share arrangements in a company's financial statements, so professional advice should be sought.
We have experienced share scheme experts across the firm who can help you to set up and maintain the best scheme for you and your employees.
If you would like to talk to us about this service, please contact us.
