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EMI regulations follow state aid approval

printer Mail

The government has made regulations providing for the publication of state aid information to comply with the European Commission’s conditions for approval of the enterprise management incentives (EMI) scheme.

The Enterprise Management Incentives Exemptions and Reliefs (Amendment of Tax Advantages in Schedule 24 to the Finance Act 2016) Regulations, SI 2018/737, add EMI to the list of ‘tax advantages constituting the grant of state aid’ contained in Finance Act 2016 Sch 24, about which HMRC may collect and publish relevant state aid information.

One of the European Commission’s conditions for continued state aid approval of EMI tax relief, granted on 15 May 2018, was for HMRC to comply with the EU requirement to share information on beneficiaries of aid in excess of €500,000.

The regulations come into force on 11 July 2018.