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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

HM Revenue & Customs
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Enterprise Management Incentives (EMI): General requirements: Maximum entitlement – 3 year limit

Once an employee has been granted EMI options, or EMI and Schedule 4 Company Share Option Plan (CSOP) options up to the £250,000 limit then no further EMI qualifying options can be granted until 3 years after the last of those options was granted, even if some options have been exercised or released. Once the 3 year limit has expired then further EMI options can be granted to the extent that any other EMI or Schedule 4 CSOP options then held are below the £250,000 limit, (Paragraph 6).