There were some fairly extensive changes in the ‘Approved Share Schemes’ arena in 2013 and 2014 (such changes resulting from an earlier review and consultation process).

Finance Act 2013

In summary, the Finance Act 2013 changes were introduced:

1to simplify and harmonise the ‘retirement’ rules that apply to give favourable tax treatment, across SIP, SAYE and CSOP schemes. In addition, the rules that prohibit the forfeiture of free and matching SIP shares on retirement continue in relation to shares awarded before Royal Assent, but as modified by this change;

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