The following Share Incentives practice note provides comprehensive and up to date legal information covering:
EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth companies to recruit and retain the best talent so they can scale up effectively, and to examine whether more companies should be able to access to the scheme. This suggests that the government may be considering less restrictive eligibility criteria for companies who wish to offer an EMI scheme, therefore potentially increasing the number of companies who qualify to operate EMI schemes. See News Analysis: Spring Budget 2020—Tax analysis.
The Practice Note covers the following topics and questions:
what are EMI options?
the law governing EMI options
the eligibility requirements:
which companies can grant enterprise management incentives (EMI) options?
who can be granted EMI options?
which shares can EMI options be granted over?
what must the exercise price be?
are there any limits on the grant of EMI options?
when can EMI options be exercised?
when do EMI options lapse?
are there any restrictions in regard to the terms of an EMI scheme?
amending the terms of an EMI option—possible pitfalls
tax treatment of EMI options:
income tax and National Insurance contributions (NICs) treatment
capital gains tax (CGT) treatment of EMI options
exchange (rollover) of EMI options
valuation of EMI options
annual returns, and
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Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
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