The European Commission has now approved the UK's application to extend state aid approval for Enterprise Management Incentive awards (the approval having expired on 6 April 2018). Options which qualify for the tax breaks under this regime can now be granted, which is good news for employers who have been putting this on hold since 6 April.

HMRC previously issued guidance that options granted after 6 April 2018 may not qualify for the various tax exemptions offered under the scheme and we await further guidance on the status of any options which have been granted between that date and the date the Commission approved the state aid (on or around 15 May).