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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

Enterprise Management Incentives (EMI): Taxation of EMI options: Disqualifying events relating to an employee

It is a disqualifying event if an employee who has been granted an EMI option no longer meets employment requirement.

If an employee ceases to be an employee of the company (or in the case of a parent company of a group, any group company) this is a disqualifying event.

A disqualifying event is also treated as having occurred at the end of a tax year if, during this year, the employee’s reckonable employment with the company was less than the statutory threshold of 25 hours per week or 75% of the employee’s working time (Section 535 ITEPA).