Earlier this week HMRC published a further Employment-Related Securities Bulletin, but it did not cover the EMI issues on furlough and other COVID-19 arrangements which members have regularly been raising.

The EMI scheme is subject to State Aid constraints and so any changes to EMI arrangements need to be assessed in the light of that regime. We understand that the UK has asked the European Commission to consider the State Aid implications of certain changes to EMI arrangements (although we do not know what those proposed changes are), and that any HMRC announcement on EMI is linked to any response from the European Commission.

As and when we have more information which we can communicate, we will pass this on.

Nicholas Stretch

(Chair)

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