ETASSUM26130 - Schedule 2 Share Incentive Plan (SIP): Requirements relating to the trust and trustees of a Schedule 2 SIP: Record-keeping requirements
PAYE records
The trustees must maintain all records necessary for them to meet their own PAYE obligations and those of the participants鈥� employer(s), as far as they relate to the Schedule 2 SIP. This requirement must be included in the trust deed (paragraph 80(1)).
Participants in more than one Schedule 2 SIP
The trust deed must also include the requirement that the trustees must maintain records of participants who have participated in one or more other Schedule 2 SIPs established by the company or a connected company (paragraph 71A).
As individuals are able to participate successively in connected Schedule 2 SIPs in the same tax year, this requirement ensures that the trustee are able to monitor and enforce the annual limits on participation (see ETASSUM22160).