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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Enterprise Management Incentives (EMI): Qualifying companies: Excluded activities

A trade will not qualify if one or more excluded activities together amount to a substantial part of it. Excluded trading activities (Paragraphs 16–23) are:

  • dealing in land, commodities or futures, or shares, securities or other financial instruments,
  • dealing in goods, otherwise than in the course of an ordinary trade of wholesale or retail distribution (see ETASSUM52110),
  • banking, insurance, money-lending, debt-factoring, hire purchase financing or other financial activities,
  • leasing (including letting ships on charter, or other assets on hire) (see ETASSUM52120),
  • receiving royalties or other licence fees (see ETASSUM52130),
  • providing legal or accountancy services,
  • property development (see ETASSUM52140),
  • farming or market gardening,
  • holding, managing or occupying woodlands, any other forestry activities or timber production,
  • shipbuilding, coal and steel production (see ETASSUM52150),
  • operating or managing hotels or comparable establishments or managing property used as a hotel or comparable establishment (see ETASSUM52160),
  • operating or managing nursing homes or residential care homes, or managing property used as a nursing home or residential care home (see ETASSUM52170), and
  • providing services or facilities for another business (see ETASSUM52180).