With a market capitalisation of some £280 million, Brammer plc is Europe's leading distributor of industrial maintenance, repair and overhaul products and services. Brodies helped to design and implement an innovative tax-effective long-term incentive plan (LTIP) for Brammer's executive directors and over 100 other senior managers.

The plan combined the tax advantages of a company share option with that of a traditional LTIP award. Under the plan, the full value of the underlying shares is delivered, but a proportion of the value is delivered tax efficiently - any growth in value of the shares comprised in the option is subject to the capital gains tax regime rather than falling within the scope of income tax and national insurance.

In addition to drafting the legal rules for the plan (which were approved by shareholders at the 2012 AGM), we also obtained tax clearance for the plan from HM Revenue & Customs and produced participant communication material and accompanying operating guidelines.