ETASSUM56040 - Enterprise Management Incentives (EMI): Option notifications: Annual returns – Self assessment

Paragraph 52, Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)

If employees exercise an EMI option and an income tax liability arises which is not taxed in full by the employer and paid through the PAYE system, then the employee will need to state the amount of income tax due in their self assessment tax return.