SolvedETASSUM56090 | Enterprise Management Incentives (EMI): Option notifications: Annual returns – Termination condition
From HM Revenue & Customs · Employee Tax Advantaged Share Scheme User Manual
Paragraph 52, Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA)
The “termination condition” is met when the company’s shares are no longer subject to qualifying options and will no longer become subject to qualifying options (e.g. the relevant scheme has terminated or the directors of the company have passed a resolution that it will grant no further options).
Should the company wish to issue qualifying options after notifying that the termination condition has been met, it must register a new scheme.