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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Enterprise Management Incentives (EMI): Option notifications: Completion of enquiry – closure notice

An enquiry is completed when a notice is given to the employer company informing the company that the enquiry has been completed and stating whether or not the requirements of Schedule 5 have been met in relation to the option. If the employer company is informed that the requirements of Schedule 5 are not met then the person to whom the option was granted must also be given notice of that decision.

Where an enquiry was made into the working time commitment it is completed when the individual to whom the option was granted and the employer company receive a notice informing them that the enquiry has been completed and stating whether or not the working time commitment is met.