Share valuations: EMI and SIP share schemes

Agree the value of shares when you're operating Enterprise Management Incentives (EMIs) or a Share Incentive Plan (SIP).


If you operate an EMI or a SIP there are a number of occasions when you need to agree the value of your shares with HM Revenue and Customs (HMRC) Shares and Assets Valuation (SAV).

Here you’ll find out how you can get your shares valued by SAV and the service you can expect.

How to get your shares valued

For SIPs

You need to:

For EMIs

You need to:

  • propose both the unrestricted market value and actual market value for any shares under options that carry restrictions which affect their market value
  • fill in and return the VAL 231 form

See the return address for your form

How long valuations are valid for


Valuations for EMIs are valid for 60 days from the date of the agreement. You may be able to extend this agreement period for a further 30 days by writing to SAV. Include written confirmation that no significant events have happened since the original valuation or are likely to happen in the period for which you’re asking for the extension.

SAV contact details


You may be able to agree with SAV that the agreed valuation stands for a defined period of 6 months. You can end this defined period at any time before the end of 6 months by contacting SAV.

The defined period would also end early if a significant event happens which is likely to impact the share value.

When the defined period ends, you may apply to extend it by writing to SAV. You’ll need to provide written confirmation that no significant events have happened since the original valuation or are likely to happen in the period for which you’re asking for the extension.

SAV contact details

Significant events

Significant events can include (but aren’t limited to):

  • any change (completed or actively contemplated) in the share or loan capital of the company
  • any arm’s length transaction (completed or actively contemplated) involving shares of the company
  • negotiations or preparations for a flotation or takeover
  • any declaration of a dividend on any class of shares in the company
  • the publication by the company of any new financial information, for example, the annual accounts or interim results or announcement

You only need to tell HMRC about a significant event when you next need a valuation. After a significant event, you must reapply to have your shares valued.

What to expect from SAV

When SAV has all the information it needs, it aims to reach an agreed valuation within 4 weeks of getting your request form. If it has to ask for further information, this can take longer.

If you want to appoint an accountant or professional valuation firm, SAV will deal directly with them. Make sure the relevant section on the VAL 230 or 231 form is signed for and on behalf of the company. You should also make sure your professional adviser has all the facts, as you’ll be responsible for the accuracy of the information given to SAV.

If you or your professional advisors want to meet to discuss the valuation, SAV will try to arrange one at a mutually convenient time and place. This may mean the process takes longer than usual.

SAV will always be courteous, fair and professional. If you or your professional advisers raise a question or issue in writing, it aims to respond within 10 working days and, if it can’t, will let you know the reason for the delay and when you can expect a full response.

You can expect SAV to explain any actions it takes, for instance, why it:

  • would like to meet with you
  • needs to question any explanation you’ve given
  • proposes a valuation different to yours

Your company, its directors and its shareholders have the right to the same degree of confidentiality that all taxpayers receive. Except in the limited circumstances allowed by law – such as at tribunal hearings – SAV will only give information to people you have authorised.


If you think SAV has made a mistake or treated you unfairly, you can ask for the matter to be reviewed. The assistant director in charge of the part of SAV where the valuation was carried out will complete the review.

To find out how to make a complaint, read the complaints factsheet.

If you’re still not happy with the outcome, the factsheet also explains how you can take your complaint further.

Published 7 November 2014
Last updated 2 March 2018 + show all updates
  1. 'How long valuations are valid for' has been updated to provide more clarity on the length of any extension period.
  2. First published.