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United KingdomChartered Institute of Taxation

EMI grant notices move into annual return from 6 April 2027 under draft Bill

Draft Finance Bill 2026-27 ends separate EMI grant notification for options granted on or after 6 April 2027; grants go in the annual return, with late-filing effects still to clarify.

By Taxxa AI OyPublished 13 November 2026

Tax

Industry: Across industries

Employer companies operating Enterprise Management Incentives schemes face a simpler notification route for options granted on or after 6 April 2027TAX TAX. Under draft Finance Bill 2026-27 provisions, the separate notification of each EMI grant to HM Revenue and Customs falls away for those grantsTAX. Instead, the company reports details of new grants inside its EMI annual returnTAX, accompanied by declarations confirming that the conditions for EMI qualification were satisfied at the time of grantTAX.

Notification itself remains a condition of EMI qualificationTAX. The draft changes the mechanism and timing of notification rather than removing the underlying duty to tell HM Revenue and Customs about the grantTAX. That distinction matters because EMI tax advantages depend on valid notificationTAX: a failure that breaks the qualification condition can cost the company and its employees the reliefs the scheme is designed to deliverGOV.

The current system runs on two tracks. A company granting EMI options must notify them through the online employment-related securities serviceGOV. HM Revenue and Customs guidance requires notification within 92 days of grant for options granted before 6 April 2024GOV, and by 6 July following the end of the tax year for options granted on or after 6 April 2024GOV, with loss of tax benefits at stake if the deadline is missedGOV. Separately, a company whose shares are subject to a qualifying EMI option at any point in a tax year must file an EMI annual return containing the information HM Revenue and Customs requiresGOV, starting with the tax year of the first qualifying grant and continuing through the year in which the termination condition is metGOV, including nil returns for years with no grants or exercisesGOV.

For grants on or after 6 April 2027 the two tracks convergeGOV: the grant details and the qualification declarations travel with the annual return rather than as a standalone noticeTAX. Advisers handling employment-related securities compliance should therefore re-map their EMI workflows around the return cycle for post-5 April 2027 grants, keeping grant-date evidence that supports the qualification declarations and diarising the return rather than a separate 92-day or 6 July notice for those grantsTAX. Grants before that date stay under the existing separate-notification deadlinesTAX.

One practical question is still open. The Chartered Institute of Taxation has asked HM Revenue and Customs to clarify whether the practical consequences of late notification are intended to remain unchanged once notification moves into the returnTAX. Until that answer arrives, employer companies should treat timely notification as continuing to condition qualificationTAX and should not assume that folding the notice into the return softens the result of a late or missing filing.

Legal basis is Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003, paragraphs 44 and 52GOV, as affected for post-5 April 2027 grants by the draft Finance Bill 2026-27 Enterprise Management Incentives reporting provisionsTAX.

Move EMI grants made on or after 6 April 2027 onto an annual-return notification workflow and retain grant-date qualification evidence until HMRC clarifies late-filing consequences.

Sources