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Posted Tue, 21 May 2024 17:49:31 GMT by Christopher
The firm I work for set up an EMI scheme two years for all staff. A sale of the business is now imminent - however, it has transpired that the EMI should have been set up under the main holding company, and not the subsidiary. The suggestion is that the previous EMI scheme needs to be ripped up and new shares issues, which would not benefit from the tax efficiency of an EMI. Noting that the firm were il-advised and the EMI was only set up incorrectly due to an administrative error, is there any precendent for HMRC taking a 'sympathetic view' here and recognising the status of the original EMI?
Posted Thu, 30 May 2024 10:35:59 GMT by HMRC Admin 20 Response
Hi Christopher,
You will need to HMRC at 
PT Operations North East England
HM Revenue and Customs
BX9 1BX
United Kingdom 
Providing  full details re your situation.
Thank you.

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