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Issue:
4265
/
Categories:
Comment & Analysis
, EMI
, enterprise management incentive
, FA 2003
, ITA 2007
, ITEPA 2003
, TCGA 1992
, Capital Gains
, Employees
, Income Tax
JAN ELLIS examines the effect of the current capital gains tax regime on employee shares
KEY POINTS
- Entrepreneurs’ relief does not apply to all EMI gains.
- Risks of making an election under ITEPA 2003 s 431.
- Share buy-backs by the company.
- Care needed with loan notes and earn-outs.
I have long been a fan of enterprise management incentive (EMI) schemes which encompassed a pleasing light touch in terms of rules and regulations and a realistic set of parameters. 
These are available to many types of trading companies to a wide range of key people with a sensible maximum value (more generous than company share option plans). Best of all they fitted hand in glove with the now defunct taper relief.
Many of us put...
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