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Enterprise Management Incentives (EMI) – state aid approval renewed

EMI – state aid approval renewed

The EU Commission has renewed state aid approval of the EMI regime.


Partner – People Services, Reward

KPMG in the UK


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The European Commission announced on 15 May 2018 that is has renewed state aid approval of the EMI regime.

This is welcome news for small and medium sized businesses, as EMI is a powerful tool to attract and retain key talent. This announcement provides clarity that EMI options can now be granted with the associated tax benefits.

However, there remains a question over any EMI options granted between 6 April and 15 May.

HMRC’s announcement on 4 April 2018, concerning expiry of the earlier approval, stated that EMI options granted after 6 April 2018 and prior to state aid approval being renewed (i.e. 15 May 2018) might not be eligible for EMI tax reliefs.

Our expectation is that renewed state aid approval means there should be no interruption in the availability of EMI tax reliefs, regardless of when the relevant options were granted.

However, at the time of writing, HMRC is yet to confirm its view.

Companies which operate EMI plans should therefore confirm the position in relation to any options granted between 6 April and 15 May in due course.

If you have any queries, please get in touch with your normal KPMG contact or e-mail

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