HMRC recently issued an important bulletin in relation to EMI schemes (read the bulletin here). This bulletin will be of interest to those clients who intend to grant EMI share options in the near future.
The bulletin notes that:
Companies should note the following:
It is important to highlight that the European Commission has in the past backdated other EU State Aid approvals, and it is hoped that retrospective approval will be received. However, this is not yet certain as we await further announcements in the near future.
If you would like to discuss the impact of this update, please get in touch with your usual Orrick contact.