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The loss of taper relief does not mean that we have seen the end of the EMI scheme, explains PENNY BATES
KEY POINTS
- A brief overview of the scheme
- The qualification tests for capital gains tax entrepreneurs' relief
- The continuing benefits of EMI schemes
- Liability has increased but there may still be benefits over unapproved schemes
- Requirements for the employing company
- The benefits for the employer
The enterprise management incentive (EMI) scheme was introduced in 2000 and soon became perhaps the most favoured scheme for employee shares providing greater benefits and more flexibility than approved share option schemes.
Provided all the qualifications were met tax reliefs were substantial and generous in respect of income tax and capital gains tax for the employee (ITEPA 2003 s 530) and corporation tax relief for the employer (FA 2003 Sch 23).
A brief overview
The detailed rules on...
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