New rules coming into force – Reporting Responsibilities for EMI Share Schemes

New rules are coming into force regarding reporting responsibilities for EMI share schemes, other approved share schemes and unapproved options

The new rules

New rules were introduced in Finance Act 2014 which now require all new share schemes to self-certify online with HMRC. If approved schemes, companies must confirm that they meet the requirements of the relevant legislation

EMI schemes

From 6th April 2014 new EMI options granted have to be registered online. In addition HMRC have to be “notified” within 92 days of the actual grant of options, also online.

These new rules however will have an impact on share options that may already exist. For EMI options issued (but unexercised) before 6 April 2014  there is still the requirement to register the options online before 6th April 2015.

It is not possible to notify HMRC online of the grant of options until the scheme has been registered. If notification does not take place before the expiry of 92 days the options will not qualify for any of the EMI tax advantages.

The submission of EMI1 Forms must also now be submitted online on or before 6th July, otherwise you may be liable for a penalty.

Approved share schemes

All other approved schemes established pre 6 April 2014 must also be registered with HMRC by 6th July 2015 again using the online registration scheme.  Companies must also confirm that the scheme meets the required requirements of the legislation.

Unapproved schemes

Whilst unapproved schemes do not have any tax advantages they are still required to register online.

Online Registration

Companies have to register using the PAYE on-line service using the “Employment Related Securities” option.

Each scheme must be registered separately and therefore if multiple option schemes have been entered into each one will need to be registered rather than just the company.




Sign up for our newsletter

Interested in receiving the latest tax planning ideas?

Sign up to Tax Bites – our weekly update offering practical but effective tax saving tips.

Contact Us

You can use this form to request us to give you a call or if you prefer just leave us a message. Please be sure to leave us a contact number or email address for you and we will get back to you as soon as we can.

0161 927 9277


Fairbank House
Ashley Road
WA14 2DP