The following Share Incentives Q&A provides comprehensive and up to date legal information covering:
Under the enterprise management incentives (EMI) legislation, there is no obligation to register the scheme with HMRC until such time as the first EMI option(s) have been granted under it (see paragraph 44 of Schedule 5, Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and HMRC guidance at ETASSUM56010).
However, in practical terms, the EMI scheme can be considered to ‘exist’ as soon as it has been formally adopted by the company in accordance with its constitution—regardless of whether options have been granted under it. Typically, an EMI scheme will only need board approval in order to be adopted by the company, but additional shareholder or other consents may
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