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HMRC internal manual

Employee Tax Advantaged Share Scheme User Manual

HM Revenue & Customs
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Enterprise Management Incentives (EMI): Supplementary and Definitions: Market value of shares

The market value of EMI shares is as set out in Part 8 of TCGA 1992. If the shares carry restrictions that affect their value, they are treated as being unrestricted for the purpose of the £250,000 individual limit and the overall £3,000,000 limit for the value of shares in the relevant company. The restrictions on the shares are taken into account for all other purposes (Paragraph 55).