ERSM20196 - Employment-related securities and Options: what are securities: phantom share plans
Some incentive schemes involve payment of future bonuses based on the increase in a tracker-share price over the life of the scheme. Such schemes are sometimes referred to as 鈥榩hantom share plans鈥�.
HMRC鈥檚 view is that phantom share plans are simply arrangements for the payment of cash bonuses measured in a certain way and cannot constitute securities or securities options. See also ERSM110020.