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Major UK employers, including Diageo, easyJet, Legal & General, and Vodafone, have today written to Jeremy Hunt, the Chancellor of the Exchequer, to urge him to open up Share Incentive Plans (SIPs) to young and lower paid employees by reducing the tax-efficient holding period from five to two years.

SIP and SAYE Call for Evidence – ProShare Response

Cost of Living Share Plan - ProShare lobbies for new share plan targeted at the lower-paid

The ProShare conference couldn’t have been more timely, taking place just one week after Kwasi Kwarteng announced the mini-budget that sent the UK economy into disarray. Amidst the turbulence, the announcement included welcome changes to share plans, such as the doubling of the CSOP limit to £60,000

Responding to the Chancellor’s Spring Statement, ProShare – the voice of UK employee share ownership (ESO) – is calling for a comprehensive review of all tax-advantaged employee share plans rather than the piecemeal approach proposed.

Employee share plans have been shown to increase company’s productivity. They produce a more engaged and focused workforce and one which is more financially resilient.