State aid approval renewed for Enterprise Management Incentive schemes

The EU State Aid approval of the tax-advantaged Enterprise Management Incentive (EMI) scheme was extended on 15 May 2018, it included a new requirement for certain information about the companies operating EMI to be collected and published.

The data relates to EMI tax advantages exceeding Euro 500,000 and includes the following information not currently collected by HMRC:

• the region in which the EMI company is located
• the principal economic sector in which the EMI company operates.

Regulations were laid before Parliament on 20 June 2018 to enable information to be collected, adding EMI to a table of tax measures in Schedule 24 of Finance Act 2016, which sets out tax measures for which state aid information can be gathered.

For those of us working to meet the 6 July deadline for the reporting of awards of employment related securities including EMI, we can expect next year's returns to include a requirement to report these new data items.