We referred in the April UK Tax Round Up to the expiry of the EU's State Aid approval for EMI options. Fortunately, this has been resolved rapidly, and on 15 May the European Commission approved the UK's EMI schemes. The approval will apply until 6 April 2023 or until the UK leaves the EU. This will be a comfort for the many employees and companies with existing EMI schemes in place or who wish to grant further EMI options.
It is not entirely clear whether the new approval covers options granted between 6 April and 15 May, although the expiry date of 6 April 2023 suggests that the approval commenced on 6 April 2018 as approvals are normally effective for 5 years.