INDEPENDENT BUSINESS VALUATION SPECIALISTS
XVALUNITED
KINGDOM

EMI & employee share schemes
Agreed values. Protected employee reliefs.

Employee incentives require the value of the security actually awarded, not just a headline business valuation. For EMI, the distinction between actual market value and unrestricted market value is central to a properly documented submission.

Request a proposal Read the technical brief
Independent opinionSame-day reviewStrictly confidential

AMV / UMV

Both values typically required

£250k

Individual EMI limit (UMV)

VAL231

HMRC agreement request

A confidential conversation

An important decision deserves an independent view.

Tell us about your company, your objectives and your timeframe. We will review the instruction before proposing a scope, fee and delivery timetable.

  • Independent opinion, never an automated estimate
  • Scope, fee and timetable agreed before work begins
  • Confidential from the outset

Prefer to call? +44 20 3996 6807

Prefer WhatsApp? Message us on WhatsApp

What happens next

  1. 1.We review your enquiry the same working day
  2. 2.A short call to understand your circumstances
  3. 3.A written scope, fee and timetable is proposed

No obligation. No automated valuation. No documents required.

When you need it

Typical situations
we are instructed on.

01

Granting new EMI options

02

Pre-grant agreement with HMRC SAV

03

Re-pricing or replacement of options

04

Growth shares or CSOP alongside EMI

Technical brief

Identify the security and its restrictions

We review the capital structure, option terms, leaver provisions, transfer restrictions and economic rights. Actual market value reflects relevant restrictions; unrestricted market value considers the statutory treatment without those restrictions. The two figures need not be equal.

Prepare evidence for HMRC review

The analysis sets out trading performance, forecasts, recent transactions, comparable evidence and the treatment of restrictions. HMRC publishes procedures for agreeing share-scheme valuations. The correct submission route and the period for which an agreement is valid must be checked against current guidance.

Do not confuse valuation with eligibility

EMI qualification, option grant documentation, notifications and elections are separate legal and tax matters. A valuation agreement is not approval of the scheme as a whole. Material events between the valuation and grant may require reconsideration even where a prior agreement exists.

Methodology

The methods we apply — and why.

01

Actual market value

Value of the specific minority shares under option, reflecting restrictions and lack of control.

02

Unrestricted market value

Value ignoring restrictions, used for limits and tax charges.

03

Calibration to transactions

Reconciliation with recent funding rounds and preference structures.

Key valuation issues

Where value is won or lost.

90-day window

HMRC-agreed values are generally valid for 90 days; grants must follow promptly.

Funding-round prices

Preferred-share investment prices are not ordinary-share value; the difference must be justified.

Disqualifying events

Changes to share rights can affect relief; values may need refreshing.

Hurdles & exits

Imminent exits limit discounts and can reshape the option strategy.

Your instruction, clearly defined

Scope agreed before work begins.

We agree the valuation purpose and date, the interest being valued, the methods considered, the information required and permitted reliance. The written proposal sets out the fee, VAT treatment and delivery timetable. The result is a documented expert assessment — not a transaction guarantee or an automated estimate.

Primary sources & professional references

HMRC — Get a share scheme valuationHMRC — Shares and Assets Valuation Manual

General technical information. Legislation must be checked at the instruction date. Legal, tax and accounting advice are outside the valuation scope unless expressly agreed.

Questions

No, but it gives certainty and is standard practice.

Related expertise

Other valuations we perform.

All valuation services
Probate & inheritance tax

Probate & inheritance tax

Date-specific valuations of unquoted shares for estates and tax reporting.

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Growth shares & restricted securities

Growth shares & restricted securities

Value participation rights, hurdles and restrictions in incentive arrangements.

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Succession & family transfers

Succession & family transfers

Establish a clear value for family succession, gifting and long-term planning.

EXPLORE THIS VALUATION