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The Income Tax (Limits for Enterprise Management Incentives) Order 2012

S.I. 2012/1360 · Made 22 May 2012

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Income Tax

Made 22nd May 2012

Laid before the House of Commons 23rd May 2012

Coming into force 16th June 2012

The Treasury make the following Order in exercise of the powers conferred upon them by paragraph 54(1)(b)(i) and (2) of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003f1.

Annotations to the whole text

Footnotes

f1

2003 c. 1.

Contents

  1. 1Citation and commencement
  2. 2Increase in the limits for enterprise management incentives
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Income Tax (Limits for Enterprise Management Incentives) Order 2012 and comes into force on 16 June 2012.

2Increase in the limits for enterprise management incentives

(1)

The EMI codef1 in the Income Tax (Earnings and Pensions) Act 2003 is amended as follows.

(2)

In—

(a)

paragraph 5(1)(a) of Schedule 5,

(b)

paragraph 6(1) and (3) of that Schedule,

(c)

section 536(1)(e),

for “£120,000” substitute “£250,000”.

Signature

James Duddridge

Jeremy Wright

Two of the Lords Commissioners for Her Majesty’s Treasury

22nd May 2012

Explanatory note

(This note is not part of the Order)

This Order provides that the maximum total value of shares in respect of which qualifying Enterprise Management Incentives share options may be granted to an employee is increased from £120,000 to £250,000 with effect from 16 June 2012. The Order increases the limits specified in paragraphs 5(1)(a) and 6(1) and (3) of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 (c.1) from £120,000 to £250,000. It also increases the limit in section 536(1)(e) in consequence of those changes.

A Tax Information and Impact Note covering this instrument was published on 21 March 2012 alongside Budget 2012 and is available on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm . It remains an accurate summary of the impacts that apply to this instrument.