ETASSUM57100 - Enterprise Management Incentives (EMI): Taxation of EMI options: Disqualifying events – varying the terms of the option

Section 536 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)

Any variation to the terms of the option will be treated as a disqualifying event if it:

• increases the market value of the shares that are subject to the option, or
• results in the requirements of Schedule 5 no longer being met.