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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Enterprise Management Incentives (EMI): Requirements relating to options: Options not transferable

The terms of the option must prohibit the option holder from transferring any of their rights under it. The only exception is that, following the death of the option holder, the agreement can allow personal representatives to exercise the option.

If the terms of an option allow its exercise after the option holder’s death, they must state that the personal representatives must exercise the option within 12 months of the date of death, (Paragraph 38).