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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

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

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, (Paragraph 7).