11 Apr 2018
HMRC's recently published, and usually routine, Employment related securities bulletin contains an important announcement on the future of EMI share options. It transpires that the EU state aid approval for the EMI share options scheme expired on 6 April 2018, and the government has yet to obtain a renewal agreement from the EU. HMRC’s bulletin was only published on 4 April 2018 and therefore provided almost no notice to those affected by this announcement.
We are told that the government applied to the European Commission for fresh approval last year but is still awaiting the Commission’s final response. HMRC has confirmed that as this approval had not been received before 6 April 2018, those involved in the establishment of EMI schemes and grant of EMI share options could be severely affected.
HMRC have said that as it currently stands any EMI share options granted in the period from 7 April 2018 until EU State Aid approval is received, may not be eligible for the usual tax advantages. HMRC is advising companies to consider delaying the grant of employee share options intended to qualify as EMI share options, until fresh EU State Aid approval has been given.
HMRC says they will continue to apply the relevant tax advantages to EMI share options granted up to and including 6 April 2018. Whilst it is not clear if this delay is related to Brexit, it is likely that the UK is at the 'back of the queue' in getting a response and no date has yet been published as to when we can expect this issue to be resolved. HMRC has promised to provide an update in due course…
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Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
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David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
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