As highlighted in ERS Bulletin 46, HMRC has published updated guidance in the Employee Tax Advantaged User Manual on enterprise management incentives (EMI) options which should clarify how EMI option plans should be drafted and operated.

ERS Bulletin 46 also refers to the updated guidance published by HMRC in July 2022 on section 431 elections.  For further information please see our previous blog post on the revised section 431 election guidance.