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HMRC internal manual

Shares and Assets Valuation Manual

Tax Advantaged Share Schemes: procedural matters on approved schemes

The Employee Shares and Securities Unit (ESSU) have responsibility for the approval of schemes and will provide any assistance that you need.

Subject to the comments below you must make sure that the scheme is approved before you commence the valuation.

However, from 6 April 2014, companies are no longer required to obtain prior approval from HMRC for CSOPs, SAYE and SIP schemes. From that date HMRC will no longer approve any new tax advantaged schemes and companies must self-certify CSOP, SAYE and SIP to confirm that they meet legislative requirements. SAV will, however, continue to provide a valuation checking service for companies who wish to obtain assurance on the market value before options are granted.

If you receive a valuation request for a company which has already issued options under an approved scheme without negotiating an agreed value with SAV, you should refer the request to ESSU because there may be technical difficulties.  However, when referring this matter to ESSU, it would be helpful if you could provide ESSU with an informal opinion of value which will inform their risk assessment process.


  Additional Guidance:SVM150000