On Tuesday 15th May, it was announced by the EU that a renewal of State Aid approval of EMI share options had been granted for a period of 5 years or until, if earlier, the time when the UK leaves the EU.
It is understood that the renewal is, in effect, backdated to 6th April 2018, when the earlier approval lapsed (see preceding post).
It remains unclear what will happen when the UK leaves the EU. The UK’s State Aid obligations will continue, and so it is for negotiation between the UK and EU as to what then happens in relation to EMI share options.
For the time being, at least, it is back to ‘business as usual’ in relation to EMI options.
David Pett, Tax Barrister 
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