HMRC's latest Employment-Related Securities Bulletin focusses on the impact of COVID-19 on employee share and incentive schemes. Here is our enhanced version.

Enterprise Management Incentive (EMI)

HMRC are exploring issues raised by stakeholders in relation to Coronavirus and EMI and will provide updates as soon as possible.

Save As You Earn (SAYE)

For example, a five-year SAYE contract was entered into on 1 January 2016 with a maturity date of 31 December 2020.

HMRC confirm new SAYE contracts are not required where contracts started before 10 June 2020.

Payments by other methods

See ISA Guide

Share Incentive Plan (SIP)

Company Share Option Plans (CSOP)

See Employment-Related Securities & share schemes

Valuations

Coronavirus may have resulted in delays in granting EMI options which takes people over the 90-day period for which the valuation agreed with HMRC remains valid. HMRC have confirmed that, provided there has been no change that may affect an appropriate value then:

You should email any issues concerning VAL231 to This email address is being protected from spambots. You need JavaScript enabled to view it..

See EMI: Enterprise Management Incentive scheme and VAL231: Request for an EMI valuation

Deadlines for registration of new schemes and filing of returns

See Shares, securities & options: Tax compliance and Employment-Related Securities: Reporting issues

External Links

HMRC ERS Bulletin June 2020