Policy paper

Private Intermittent Securities and Capital Exchange System (PISCES) tax implications

This measure is about amending existing Enterprise Management Incentives and Company Share Option Plan agreements to include PISCES, a new type of stock market.

• From: HM Revenue & Customs
• Published: 21 July 2025

Documents

Allowing existing Enterprise Management Incentives and Company Share Option Plan agreements to become exercisable at the sale at a PISCES trading event

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Draft legislation

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Draft legislation (accessible version)

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Explanatory note

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Details

This measure will allow existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) agreements to be amended to include a sale on a Private Intermittent Securities and Capital Exchange System (PISCES) platform as an exercisable event, without losing the tax advantages the schemes offer. 

This measure will apply to those agreements granted before the Finance Bill 2025-26 receives Royal Assent.

Published 21 July 2025