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EMI and Covid-19: why the delay?

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The latest notice of amendments to the Finance Bill was published on 29 June 2020. They include Covid-related amendments to the enterprise management incentives scheme (EMI) to clarify that furlough will not affect the validity of employees’ options as EMI options. The new rules apply to employees on furlough between 19 March 2020 to 5 April 2021, with the potential for extension by the Treasury until 5 April 2022, if the pandemic situation remains. However, the Finance Bill amendments only address one of the problems brought in by the Covid legislation, and it is not clear even if the solution proposed has received approval from the European Commission.

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