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ARTICLE · 10 APRIL 2018

EMI Approval Expires – What Now?

Brodies LLP
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Enterprise Management Incentives or "EMI options" are one of the most popular and tax-advantageous employee equity incentives ever introduced in the UK.

United KingdomEmployment and HR
Nigel Watson
Nigel Watson

Enterprise Management Incentives or "EMI options" are one of the most popular and tax-advantageous employee equity incentives ever introduced in the UK.

However the tax reliefs associated with EMI options are technically a form of state aid that requires periodic approval from the EU Commission. The government applied for renewal of the approval last year but so far EU approval has not been forthcoming. Consequently the current EU State Aid approval for EMI options expires today, 6 April 2018.

What does this mean for EMI options?

HMRC has published issue 27 of its employment-related securities (ERS) bulletin containing its view on what this means for EMI options.

In summary HMRC considers that:

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