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

From HM Revenue & Customs · Employee Tax Advantaged Share Scheme User Manual

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.