The Employee Share Ownership Centre (Esop) Centre announced today that the European Commission is likely to renew approval for Enterprise Management Incentive (EMI) options within weeks.
EU State Aid approval for the EMI scheme needs to be renewed, following its expiration on April 6, but HMRC announced on April 4 there would be a lapse period before the European Commission’s decision on a fresh approval is made.
Centre steering committee member and tax barrister David Pett said following a meeting with HMRC on April 16: “There is no reason to suppose that fresh approval will not be forthcoming.”
However, Mr Pett also noted that: “Approval is not expected to be received for a number of weeks”.
The latest HMRC statistics reveal the scale of the problem created both at corporate and at a personal level: 8,610 companies operated EMI share schemes during 2015-2016, while 23,000 employees were granted EMI options.
Notes to editors
The Employee Share Ownership (Esop) Centre is a non-profit membership organisation that promotes broad-based employee share ownership in the UK and abroad.