# HMRC Emi Rules

> The HMRC Emi Rules carries 6 published figures read from 3 sources' own pages, from 100 to 120,000,000 GBP, read 27 October 2026.

EMI valuation · https://emivaluation.co.uk/datasets/hmrc-emi-rules/ · computed 2026-10-28

**Range of the published figures:** 100 to 120,000,000 GBP (range 100 to 30,000,000 GBP; 3 published figures; 5 of 0 sources read publish one).

5 of the 0 named sources read in full publish a figure; 0 publish none, read 27 October 2026.

## Every figure, with its source

One row per source: the figure the source's own page publishes, the page, and the day it was read.

| Source | Figure | Read |
|---|---|---|
| [Tax and Employee Share Schemes: Enterprise Management Incentives (EMI)](https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis) | 120,000,000 GBP | 2026-10-27 |
| [Tax and Employee Share Schemes: Enterprise Management Incentives (EMI)](https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis) | 30,000,000 GBP | 2026-10-27 |
| [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050) | 6,000,000 GBP | 2026-10-27 |
| [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050) | 3,000,000 GBP | 2026-10-27 |
| [Tax and Employee Share Schemes: Enterprise Management Incentives (EMI)](https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis) | 250,000 GBP | 2026-10-27 |
| [Employment related securities bulletin 64 (February 2026)](https://www.gov.uk/guidance/employment-related-securities-bulletin-64-february-2026) | 100 GBP | 2026-10-08 |
| [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050) | 90 day | 2026-10-27 |
| [Income Tax (Earnings and Pensions) Act 2003](https://www.legislation.gov.uk/ukpga/2003/1/schedule/5) | 25 hour | 2026-10-08 |
| [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050) | 12 month | 2026-10-27 |
| [Employment related securities bulletin 64 (February 2026)](https://www.gov.uk/guidance/employment-related-securities-bulletin-64-february-2026) | 10 year | 2026-10-08 |
| [Shares and assets valuations for tax](https://www.gov.uk/guidance/shares-and-assets-valuations-for-tax) | 4 week | 2026-10-27 |

## The sentence each figure was read from (11)

- [Tax and Employee Share Schemes: Enterprise Management Incentives (EMI)](https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis), read 2026-10-27: "assets of £120 million or less"
- [Tax and Employee Share Schemes: Enterprise Management Incentives (EMI)](https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis), read 2026-10-27: "assets of £30 million or less"
- [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050), read 2026-10-27: "This is subject to a total value of £6 million for all employees from 6 April 2026."
- [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050), read 2026-10-27: "Previous to 6 April 2026 this was subject to a total value of £3 million for all employees."
- [Tax and Employee Share Schemes: Enterprise Management Incentives (EMI)](https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis), read 2026-10-27: "EMI give you share options up to the value of £250,000 in a 3-year period."
- [Employment related securities bulletin 64 (February 2026)](https://www.gov.uk/guidance/employment-related-securities-bulletin-64-february-2026), read 2026-10-08: "A £100 penalty will be issued automatically if the end of year"
- [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050), read 2026-10-27: "Valuations for EMIs are valid for 90 days from the date of the agreement subject to the proviso that there are no changes in the Company's circumstances that might affect the value of its shares prior to the options being issued."
- [Income Tax (Earnings and Pensions) Act 2003](https://www.legislation.gov.uk/ukpga/2003/1/schedule/5), read 2026-10-08: "”) to be an eligible employee in relation to the relevant company the average amount per week of the employee’s committed time must equal or exceed the statutory threshold, that is— 25 hours a week, or"
- [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050), read 2026-10-27: "SAV will consider a check before the options are granted and during the 12 months and 92 days after the options have been granted."
- [Employment related securities bulletin 64 (February 2026)](https://www.gov.uk/guidance/employment-related-securities-bulletin-64-february-2026), read 2026-10-08: "the maximum holding period (from 10 years to 15 years)"
- [Shares and assets valuations for tax](https://www.gov.uk/guidance/shares-and-assets-valuations-for-tax), read 2026-10-27: "When we have all the information we need we will try to reach an agreed valuation within 4 weeks of getting your request."

## Methodology

Every row is a verbatim sentence read from the named source's own page through our fetch service on the date shown, hash-pinned to the stored read (the sha of the page's visible text; the raw page is mirrored to R2). 5 of the 0 named sources that could be read published a usable figure; 0 published none and are recorded as not published, never filled in; 12 could not be read (blocked, dead or unreachable) and count nowhere. The headline figures (median, minimum, maximum, quartiles) are over ONE figure per source in GBP (a source's median where its page yielded several accepted sentences), so N counts sources, never sentences; 117 candidate sentence(s) were refused by a reviewer with the reason recorded. The fuller derivation this dataset is chartered to grow into (not yet what the figures above are; they are each source's own published figure as read): one table of every EMI number with its authority and the date it changed: the £250,000 per-employee limit, the company option limit (£3m to £6m), gross assets (£30m to £120m), employees (250 to 500) and the exercise period (10 to 15 years) for options granted from 6 April 2026, the 90-day validity of an agreed valuation and its history (60, 90, 120 then 90 days), and the grant notification deadline

## Sources

- [Shares and assets valuations for tax](https://www.gov.uk/guidance/shares-and-assets-valuations-for-tax) (the publisher's own terms; quoted for reporting and comment)
- [Apply for a share valuation check for Enterprise Management Incentives (VAL231)](https://www.gov.uk/government/publications/asset-valuation-request-for-a-share-valuation-val231) (the publisher's own terms; quoted for reporting and comment)
- [Tax and Employee Share Schemes: Enterprise Management Incentives (EMI)](https://www.gov.uk/tax-employee-share-schemes/enterprise-management-incentives-emis) (the publisher's own terms; quoted for reporting and comment)
- [Employment related securities bulletin 64 (February 2026)](https://www.gov.uk/guidance/employment-related-securities-bulletin-64-february-2026) (the publisher's own terms; quoted for reporting and comment)
- [ETASSUM50500](https://www.gov.uk/hmrc-internal-manuals/employee-tax-advantaged-share-scheme-user-manual/etassum50500) (the publisher's own terms; quoted for reporting and comment)
- [Income Tax (Earnings and Pensions) Act 2003](https://www.legislation.gov.uk/ukpga/2003/1/schedule/5) (the publisher's own terms; quoted for reporting and comment)
- [Expanding the eligibility limits of the Enterprise Management Incentive scheme](https://www.gov.uk/government/publications/enterprise-management-incentive-scheme-increasing-the-limits/expanding-the-eligibility-limits-of-the-enterprise-management-incentive-scheme) (the publisher's own terms; quoted for reporting and comment)
- [SVM110050](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050) (the publisher's own terms; quoted for reporting and comment)
- [HMRC extends EMI valuation period](https://www.icas.com/news-insights-events/news/tax/hmrc-extends-emi-valuation-period) (the publisher's own terms; quoted for reporting and comment)
- [EMI share valuation period to revert to 90 days](https://www.taxjournal.com/articles/emi-share-valuation-period-to-revert-to-90-days) (the publisher's own terms; quoted for reporting and comment)
- [ETASSUM57150](https://www.gov.uk/hmrc-internal-manuals/employee-tax-advantaged-share-scheme-user-manual/etassum57150) (the publisher's own terms; quoted for reporting and comment)
- [Human Verification](https://www.gov.uk/guidance/employment-related-securities-bulletin-44-july-2022) (the publisher's own terms; quoted for reporting and comment)

## Cite or embed

- The HMRC Emi Rules carries 6 published figures read from 3 sources' own pages, from 100 to 120,000,000 GBP, read 27 October 2026.
- 5 of the 0 named sources read in full publish a figure; 0 publish none, read 27 October 2026.

Cite as: "emivaluation.co.uk HMRC Emi Rules", updated 2026-10-28, https://emivaluation.co.uk/datasets/hmrc-emi-rules/.

CSV: https://emivaluation.co.uk/datasets/hmrc-emi-rules.csv
JSON: https://emivaluation.co.uk/datasets/hmrc-emi-rules.json
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