Policy paper

Enterprise Management Incentives: Changes to the process to grant options

This tax information and impact note is about changes to the Enterprise Management Incentives (EMI) rules

• From: HM Revenue & Customs
• Published: 15 March 2023

Documents

Enterprise Management Incentives: Improvements to the Process to Grant Options

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Details

The changes which apply from 6 April 2023 will:

• remove the requirement for the company to set out within the EMI option agreement the details of any restrictions on the shares to be acquired under the option;
• remove the requirement for the company to declare that an employee has signed a working time declaration when they are issued an EMI option. It does not remove the working time requirement itself.

From 6 April 2024, the government will also extend the deadline for notifying an EMI option from 92 days following grant to the 6 July following the end of the tax year. This will be legislated separately and the impacts will be set out at that point.

Published 15 March 2023