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HMRC internal manual

Shares and Assets Valuation Manual

HM Revenue & Customs
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Tax Advantaged Share Schemes: Introduction

There are four types of tax advantaged share scheme [TASS].

The three approved schemes are:

  • CSOP. Company Share Option Plans are approved share option plans previously called discretionary or executive schemes.
  • SAYE. Save as You Earn schemes are approved savings related share option schemes.
  • SIP. Share Incentive Plans are designed to be operated as approved plans. They provide free shares, partnership shares, matching shares and dividend shares.

However, from 6 April 2014, companies are no longer required to obtain prior approval from HMRC for CSOPs, SAYE and SIP schemes. From that date HMRC will no longer approve any new tax advantaged schemes and companies must self-certify CSOP, SAYE and SIP to confirm that they meet legislative requirements. SAV will, however, continue to provide a valuation checking service for companies who wish to obtain assurance on the market value before options are granted.

There is one unapproved TASS

  • EMI. Enterprise Management Incentives are unapproved share option schemes.
  Additional Guidance:SVM150000