keep The Finance Act 2014, Schedule 37, Paragraph 22 (Commencement) Order 2014
A commencement order appointing 1st October 2014 as the date for the entry into force of an amendment to the 'independence requirement' for Enterprise Management Incentives (EMI) in the Income Tax (Earnings and Pensions) Act 2003. The amendment was originally made by paragraph 22(1) of Schedule 37 to the Finance Act 2014.
This is a purely administrative commencement order that simply appoints an effective date for legislation already enacted by Parliament. The underlying EMI scheme addresses a genuine market failure in startup talent retention. The independence requirement ensures tax-advantaged options target genuinely independent growth companies rather than subsidiaries of larger groups, preventing the scheme from being captured for unintended purposes. Without this order, legal uncertainty would arise regarding when the amendment takes effect, harming affected companies and employees who have structured arrangements around the expected commencement date.