ETASSUM51060 - Enterprise Management Incentives (EMI): General requirements: Maximum company limit

Paragraph 7, Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)

The total Unrestricted Market Value (UMV) of shares under EMI options granted by the company cannot exceed £3 million at any time (so the limit is £3 million unexercised qualifying options). If an option is granted that causes this limit to be exceeded, the option is not a qualifying EMI option as to the excess. If more than one option is granted at the same time which causes the limit to be exceeded, the non-qualifying excess is divided amongst the options pro rata.