In order to qualify for the beneficial EMI tax regime, an EMI option must be notified to HM Revenue & Customs within 92 days. To date, this has been done by post using the Form EMI1. This is set to change from 6 April 2014 and employers who grant EMI options must use a new online procedure. In … Continue reading Changes affecting EMI options – are you ready?
On Tuesday the Treasury published the draft text of next year’s Finance Bill. As was expected, this contained the specific provisions implementing the change to the scope of entrepreneurs’ relief relating to EMI share options that was announced last year. However, as was not expected, the government has made a surprising but helpful U-turn in … Continue reading A sensible turnaround on Entrepreneurs’ Relief and EMI options
Despite the fact that the overwhelming response to its initial consultation on this issue was either negative or mixed, the Government today confirmed its commitment to implementing the employee owner status (which it has now decided to call the “employer shareholder” status). Under these provisions, employees will relinquish certain statutory employment rights in return for … Continue reading Employee owner status – a step in the right direction, but still flawed
Changes to the scope of Enterprise Management Incentives (“EMI”) options have been announced today which will expand the way in which employees can benefit from EMI options. Entrepreneurs’ relief is currently available to employees and directors who realise “qualifying gains” in respect of shares held in their employing company (or a member of its group). … Continue reading Entrepreneurs’ relief to apply to EMI shares
The Government has today taken steps to improve and reform the current EMI legislation. The measures are designed to help small and medium enterprises who carry on a qualifying trade recruit and retain high calibre employees. The government has said it will increase the value of tax-advantaged EMI options that can be held by an … Continue reading Enterprise Management Incentives Schemes (“EMIs”)