Small firms that reward staff with share options are set to lose one of their more tedious HMRC chores, after the government published draft legislation scrapping the requirement to notify the taxman separately every time an Enterprise Management Incentive option is granted.

Under proposals included in the draft Finance Bill 2026-27, published on 13 July, companies operating EMI schemes would report new option grants through their existing annual EMI return rather than filing a standalone notification for each grant.

For the thousands of growing businesses that use EMI to compete for talent against deeper-pocketed rivals, the change removes a compliance trap that has caught out many an otherwise well-run company. Miss a notification and the tax advantages that make the scheme worthwhile can be put at risk.

Cam Wright, a Senior Associate at audit, tax and business advisory firm Blick Rothenberg, said: “As part of the draft Finance Bill 2026-27, HMRC have published proposals to simplify the grant reporting process. Reducing the reporting burden should make EMI more appealing to businesses.”

He added: “The proposals remove the requirement for companies to separately notify HMRC about EMI option grants. Instead, options granted on or after 6 April 2027 would be reported through the existing annual EMI return.”

EMI is widely regarded as the most generous of the government’s tax-advantaged share schemes, and a mainstay for SMEs incentivising staff through an employee share scheme rather than cash bonuses alone. Qualifying companies can grant options worth up to £250,000 per employee over a three-year period, normally free of Income Tax and National Insurance for the recipient.

Wright said: “EMI options are a tax-advantaged share option scheme approved by the Government. They are designed to help small to medium-sized businesses recruit and retain key talent. EMIs remain one of the UK’s most valuable tax-advantaged share incentive arrangements available for qualifying companies.”

The reform will be particularly welcome to founders who see employee ownership as central to their recruitment pitch but have long complained that the compliance burden on entrepreneurs keeps growing even as ministers talk up simplification.

He added: “The proposed changes will also consolidate reporting through the annual EMI return, reduce the administrative requirements for companies operating EMI schemes and simplify the process of granting EMI options while maintaining HMRC reporting requirements through the existing annual filing framework. While this change was originally announced at Budget 2025, the publication of draft legislation represents a significant step towards implementation.”

The draft clauses are open for technical consultation until 7 September 2026, with the final contents of the Bill subject to the Chancellor’s decision.

Wright said: “The proposal forms part of a broader trend towards modernisation and simplification across the UK’s shares and incentives landscape.”

Until the new rules take effect, companies granting EMI options must continue to notify HMRC under the current framework. Business owners planning grants around the April 2027 changeover should take advice on timing, and on keeping their annual returns in good order, since that single filing will soon carry all the weight.

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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In addition to the fresh issue, the IPO will also involve an offer-for-sale (OFS) of 6.38 crore shares by existing shareholders, according to the updated draft red herring prospectus (UDRHP).

As part of the OFS, promoter Starfish I Pte Ltd and other shareholders Nexus, Wonderful Star Pte Ltd, Kenneth Stuart Glass, Jason Ashok Kothari, Priyanka Shreevar Kheruka, Rupen Investment and Industries, and Centaurus Trading and Investments will offload their holdings.

Despite the share sale by several investors, AceVector’s promoters and founders Kunal Bahl and Rohit Bansal, who together hold a 23.56 per cent stake, will not participate in the OFS. However, another promoter entity Starfish, which owns 30.68 per cent stake in the company, will be divesting part of its stake.

The company plans to use the IPO proceeds to strengthen technology infrastructure, support marketing and business promotion for Snapdeal, pursue inorganic growth through acquisitions, and meet general corporate requirements.

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The Gurugram-based company operates Snapdeal, a value-focused lifestyle e-commerce marketplace; Unicommerce, an e-commerce enablement SaaS platform; and Stellaro Brands, an omnichannel consumer brands arm.
Financially, AceVector reported operating revenue of Rs 244 crore in H1 FY26, up 34 per cent from Rs 181 crore in H1 FY25. During the same period, its adjusted EBITDA loss narrowed significantly to Rs 9.2 crore from Rs 28 crore a year earlier.

AceVector had initiated its IPO journey earlier this year by filing confidential draft papers with Sebi in July and subsequently securing approval in November. By opting for the confidential pre-filing route, the company gained the flexibility to delay public disclosure of IPO details until the later stages.

Operator

Welcome to the Nederman Holding Q2 2026 Report Presentation. [Operator Instructions] Now I will hand the conference over to speakers, CEO, Sven Kristensson, and CFO, Matthew Cusick. Please go ahead.

Sven Kristensson
President, CEO & Director

Good morning, everyone, and thank you for joining us today, taking the time not sitting in the fabulous sunshine in this — at least in this part of Sweden. The second quarter was encouraging for Nederman and our owners. We saw a clear increase in customer activity and a strong order intake across all 4 divisions. This confirms the positive trend we saw at the end of the first quarter.

You remember the first part of the first quarter wasn’t that great. Market uncertainty persists, but we continue to see customers investing in areas that are important for their operations. It’s also encouraging that the investments we have made in innovation, operations over the — and operations over the recent years are creating results. This is strengthening our competitiveness, and it’s also helping us gain market share in traditional and new industries.

During Q2, orders received increased in all 4 divisions. Extraction & Filtration Technology, which is the biggest division, had record order intake. Monitoring & Control Technology and Duct & Filter Technology had the highest quarterly order intake since Q1 last year. We also see continued growth in our service business. That’s a focus area, and it’s very important for recurring revenue and long-term value creation. We continue to advance our innovation agenda through new product development and releases that address our customers’ need for cleaner production, improved

The 2026 Open Championship at Royal Birkdale is set to double local business spending, according to Mastercard data based on economic impact from previous tournaments

This week’s Open Championship at Royal Birkdale is forecast to double spending at businesses in the surrounding area, according to figures from Mastercard.

Last year’s tournament at Royal Portrush in Northern Ireland generated a 119 per cent surge in spending within 5km of golf’s oldest major, while the 2024 Open delivered an 82 per cent uplift within 3km of Royal Troon.

The hospitality sector stands among the greatest beneficiaries. Spending in bars and restaurants around Portrush last year soared 234 per cent and 95 per cent respectively, while at Troon expenditure across both categories more than doubled.

“As fans travel to Royal Birkdale to enjoy one of golf’s greatest Championships, the local hospitality sector is in for a bumper weekend,” said Mastercard UK and Ireland president Simon Forbes, as reported by City AM.

“From Australian tourists to B&B owners in Merseyside, live events bring people together. We’re proud to help businesses at these busy times, connecting them to tourists from all over the world with the tap of a card.”

Play got under way this morning at Royal Birkdale, where local favourite Tommy Fleetwood is considered one of the frontrunners to lift the Claret Jug.

The Open draws in excess of 250,000 spectators, with a significant proportion travelling from abroad — particularly from the United States, home of defending champion Scottie Scheffler, and Australia. Accommodation spending at the 2024 Open rose 44 per cent, according to Mastercard’s findings.

This comes as Britons are continuing to devote more of their budgets to experiences. The proportion of UK consumer spending on experiences, excluding travel, rose to 23.3 per cent, up from 22.3 per cent the previous year, according to the payments giant.

This rise in spending also provides a welcome boost to the broader economy, with the 2025 Open credited with delivering £89.2m in economic impact for Northern Ireland. The 2024 Open generated a comparable figure, £87.3m, for Scotland.

Any customers that will be impacted by network changes will be “contacted directly and provided with re-accommodation or refund options,” the airline said in a statement.

Aer Lingus said changes will begin to take effect from late September 2026, continuing into summer 2027.

The proposed changes to routes are:

Linked to these network changes, there will be a reduction in the use of two A330 aircraft and four A320 aircraft for peak summer 2027.

It added the “changes are essential to support required improvement in its operating margin, which is needed to underpin future investment.

“The more cost efficient and productive the airline is, the more it will be able to fulfil its network and growth ambition,” a spokesperson said in a statement.

“The consultation and engagement process will focus on reducing redundancies and potential future redundancies and on what needs to be done to secure future investment in the business.”

The 2026 NBA offseason has already produced some of the most significant roster upheaval in recent league history, but with free agency winding down and several major storylines still unresolved, the rumor mill remains active heading into the second half of July. Here are the eight biggest trade and roster storylines currently shaping the league.

1. LeBron James’s free agency decision remains the league’s biggest holdup. James informed the Los Angeles Lakers last month that he intends to play his 24th NBA season elsewhere, and while his agent, Rich Paul, has confirmed conversations with 27 teams, no decision has been finalized. Multiple franchises — including the Cleveland Cavaliers, Golden State Warriors, Miami Heat, Minnesota Timberwolves, Denver Nuggets and Philadelphia 76ers — have at least two roster spots still open as they wait to see whether James chooses to join their rosters before finalizing their own offseason plans.

2. The Kawhi Leonard trade to Toronto remains in limbo amid an ongoing NBA investigation. Leonard was initially traded from the LA Clippers to the Raptors on June 30 in exchange for Brandon Ingram, Gradey Dick, two unprotected first-round picks, a first-round pick swap and two second-round picks. But the deal cannot be finalized while the league continues investigating whether Leonard’s endorsement agreement with the startup Aspiration constituted a circumvention of the salary cap. NBA commissioner Adam Silver addressed the situation before Game 1 of the NBA Finals, signaling a desire to bring the matter to a close. “I think we’re close to the point now where I think we need to wrap this up because you also need finality,” Silver said. “Their team has to understand what the situation is they’re going to be operating under, and so do the other 29 teams.” Both the Clippers and Raptors issued statements confirming the trade can only be completed once Toronto’s ownership group agrees to assume the risk associated with any penalties tied to the investigation’s findings.

3. Giannis Antetokounmpo’s move to Miami has reshaped the league’s power balance. After more than a year of speculation, the Milwaukee Bucks finalized a trade sending the two-time MVP to the Heat in exchange for Tyler Herro, Kel’el Ware, Jaime Jaquez Jr., Kasparas Jakučionis and a package of first-round picks and pick swaps. The move gives Miami its first true superstar addition since the Jimmy Butler era began, while Milwaukee pivots toward a rebuild built around draft capital and younger talent.

4. Jaylen Brown’s trade to Philadelphia was one of the offseason’s most surprising moves. Boston sent the 2024 Finals MVP to the 76ers in exchange for Paul George, two first-round picks and two second-round picks, a deal that stunned much of the league given Brown’s recent playoff pedigree. The trade followed what had appeared to be a public campaign by Brown for a change of scenery, and it leaves Boston relying on a core built around Jayson Tatum and Mitchell Robinson heading into next season.

5. LaMelo Ball is now a member of the Minnesota Timberwolves. The move, finalized shortly after this year’s draft, sent Ball from the Charlotte Hornets to Minnesota as part of a broader reshuffling of the Timberwolves’ roster, which also saw the team part ways with Julius Randle earlier in the offseason as part of a trade with the Brooklyn Nets that also sent Nic Claxton to the Chicago Bulls.

6. Ja Morant’s tenure in Memphis has come to an end. The star guard was traded to the Portland Trail Blazers this offseason, closing the book on his time with the Grizzlies after years of speculation about his long-term future with the franchise. ESPN’s Brian Windhorst noted during the draft that the league appeared to have already witnessed the final moments of Morant’s time in Memphis before the move was made official.

7. Domantas Sabonis could be the next veteran on the move. With the Sacramento Kings continuing to reassess their direction, ESPN’s Brian Windhorst raised the possibility that the team could explore trading the two-time All-Star center as part of a broader pivot. “There’s a possibility that the Kings may look to see what his trade market might be as they look to pivot their franchise,” Windhorst said during the draft broadcast, adding Sabonis to the list of established veterans whose situations remain worth monitoring as the offseason progresses.

8. Nikola Jokic’s extension decision looms over Denver’s long-term planning. Though the three-time MVP has been extension-eligible since mid-June for a four-year, $278 million deal, indications point to Jokic waiting until next offseason to sign, when he would become eligible for a five-year deal worth $359.5 million — a contract that would set a new record for the largest in NBA history. Speaking to reporters in Serbian following a FIBA World Cup qualifying game, Jokic reaffirmed his desire to remain with the Nuggets long-term. “My idea and desire is to stay in Denver. I’ll probably sign next year,” Jokic said, adding, “My desire is to play the rest of my life in Denver.”

Beyond these eight headline storylines, the offseason has already produced a series of smaller but notable moves, including the Detroit Pistons sending big man Isaiah Stewart to the Memphis Grizzlies for future second-round picks, and veteran center Nikola Vučević agreeing to a minimum contract with the Orlando Magic after previously starring for the Chicago Bulls. Free agency has also seen a wave of contract decisions play out across the league, with players like James Harden, Fred VanVleet and Zach LaVine all making decisions on their player options in recent weeks.

With James still weighing his options and the Leonard trade hanging in the balance pending the league’s investigation, NBA insiders expect the coming days to bring further clarity on two of the offseason’s most closely watched storylines. Both situations carry ripple effects across the rest of the league, with several contending teams effectively frozen in place until James makes his decision and the Raptors and Clippers await word from the league office on how the Leonard matter will ultimately be resolved.