EU state aid approval of UK EMI scheme
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EU state aid approval of UK EMI scheme
EU state aid approval of UK EMI scheme
Mon 21 May 2018
The European Commission has issued a press release confirming that EU State Aid approval has been given to the extension of the period of approval for the UK’s enterprise management incentive (EMI) scheme. The press release comments: “Without prejudice to any provisions of the Withdrawal Agreement, which is under negotiation, this Commission decision only applies until the UK ceases to be a Member State.”
The European Commission State Aid case summary indicates the HMRC application for extension was submitted in March 2017 and was approved (there were no objections to the extension) on 15 May 2018. It also indicates the approval lasts until 6 April 2023.
There is a 29 March 2018 letter from the UK Department of Business Energy & Industrial Strategy indicating that on Brexit, it is expected the UK will take over administration of State Aid rules from the EU, undertaking this through the Competition and Markets Authority (CMA).
For further advice on share or share option schemes and other employee incentive arrangements, please get in touch with a member of the Mazars employment tax team.
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