HMRC rule
How long is an EMI valuation valid for? 90 days, says HMRC
Updated
An EMI valuation agreed with HMRC is valid for 90 days from the date of the agreement, as long as nothing happens in that time that would change the value. Grant inside the window or you need a new agreement.
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The 90-day window
HMRC's Shares and Assets Valuation manual states that valuations for EMI are valid for 90 days from the date of the agreement, with the proviso that nothing has happened in the meantime that would affect the value.
Source: HMRC, SVM110050 EMI valuations
What ends it sooner
- A funding round or a share issue at a different price.
- An offer for the company or talks about a sale.
- Results that change the picture materially.
Each of these is the kind of change the proviso is about: if it happens, the agreed value no longer describes the shares and a new one is needed before the grant.
Source: HMRC, SVM110050 EMI valuations
How long the agreement itself takes
HMRC's Shares and Assets Valuation team says it will try to reach an agreed valuation within 4 weeks of getting all the information it needs. Build that into the plan: the 90 days start when HMRC agrees, not when you ask.
Source: GOV.UK, Shares and assets valuations for tax
What the valuation costs
UK firms that publish a fee charge £1,895 (Mill Consultancy), £1,950 (Optival) and about £2,000 plus VAT (Gannons) one-off, or £2,699 a year for unlimited valuations on SeedLegals' subscription, read on 15 to 27 October 2026.
Source: UK EMI Valuation Fee Index: every row, with its source