Confusion was caused during the Government’s Brexit negotiations by uncertainty relating to the grant of EMI options at a time when the extension granted by the EU from State Aid restrictions had not been renewed.
Concerns had been raised that similar issues might arise during the Transition Period relating to exiting the EU, which began on 31 January 2020. These concerns have been allayed by the announcement by HMRC in their Employment Related Securities Bulletin 34, published on 11 February, that the extension to the State Aid exclusion will continue to apply during the Transition Period due to end on 1 January 2021.