ETASSUM51050 - Enterprise Management Incentives (EMI): General requirements: Maximum entitlement – 3 year limit

Paragraph 6, Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)

Once an employee has been granted EMI options up to the £250,000 limit then no further EMI qualifying options can be granted until 3 years after the last of those EMI options was granted, even if some options have been exercised or released. Once the 3 year limit has expired then further EMI options can be granted to the extent that any other unexercised qualifying EMI or Schedule 4 CSOP options then held are below the £250,000 limit in paragraph 5. (Paragraph 6, Schedule 5 ITEPA).