How they work
HMRC's technical notes mark some columns as conditionally mandatory. They must be answered when an earlier question has a particular answer, and left blank otherwise. Examples on the EMI template:
| If this is answered | Then this is needed |
|---|---|
| Is this the result of a disqualifying event? yes | The disqualifying event number, 1 to 8 |
| Listed on a recognised stock exchange? no | Was the market value agreed with HMRC? yes or no |
| Was the market value agreed with HMRC? yes | The HMRC valuation reference (without the letters CRN) |
| Was money or value received? yes | The amount, and whether PAYE was operated |
EMI disqualifying event numbers
- Company has come under control of another company.
- Company has ceased to meet the trading activities requirements.
- The option holder has ceased to meet the working time requirement.
- Terms of option varied causing value of shares to be increased or option no longer a qualifying option.
- Variation of share capital which results in disqualifying event.
- Shares were converted into a different class of shares and this conversion did not happen to the whole class of shares.
- The option holder has been granted an option under a CSOP resulting in them holding EMI and CSOP options over shares with a UMV in excess of the maximum entitlement.
- The company has not started to carry on a qualifying trade within two years of the grant of the option, or preparations to carry on a qualifying trade have ceased.
Whether an event is disqualifying is a question for you or your adviser. The checker makes sure the answers you give are complete and consistent.
Based on HMRC's published guidance: EMI technical note. EMI guidance notes. Checked on 20 October 2026. This is general guidance, not tax advice, and HMRC's own pages take priority if they change. Share Scheme Return is not affiliated with HMRC.
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