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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

HM Revenue & Customs
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Schedule 3 SAYE option schemes: Requirements relating to share options – The exercise price: Unlisted shares and shares not listed on any RSE

Where the scheme shares are:

  • unlisted shares,  or
  • listed on the USM or AIM,

the general definition of market value in Section 272(1) TCGA 1992 applies. Such schemes should require market value to be agreed with HMRC Shares & Assets Valuation for the purposes of the scheme (see ).

Although SAV may, in practice, accept USM and AIM dealings, as reliable indicators of their market value, it is recommended that the scheme rules of such companies would require the market value to be agreed with SAV (see ETASSUM35150).