Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Share definition

What does Share mean? A share is a unit of ownership in a company used to allocate control and economic benefit among shareholders in corporate governance and transactions. Company law in the UK (Companies Act 2006) and Ireland (Companies Act 2014) sets the framework for shares and shareholder rights, though the precise rights arise from statute and the company’s constitution. Key features include: a bundle of rights (typically voting, dividends, information and a share of surplus on winding up); limited liability (exposure capped at any unpaid amount on partly paid shares); transferability subject to statutory and constitutional restrictions; and legal title evidenced...

Model EMI Share Option Scheme Rules (Schedule 5 ITEPA 2003), including leaver, exit, takeover, roll-over and PISCES provisions (England and Wales)

Published by a LexisNexis Share Incentives expert

Precedents

Rules of the [ insert name of company granting EMI Options ] enterprise management incentives Scheme FORTHCOMING CHANGE:

On 26 November 2025, within Budget 2025, it was confirmed that from 6 April 2026 a number of EMI limits will be uplifted:

The gross assets threshold will rise from £30 million to £120 million.
The cap on full-time equivalent employees will increase from 250 to 500.
The overall limit on the value of unexercised EMI options that a company or group can have at any time will go from £3 million to £6 million.

The permitted exercise period will also extend from 10 to 15 years. Existing EMI options can be varied to adopt this longer exercise window without forfeiting tax advantages, so long as the changes comply with legislation to be included in Finance Bill 2025-26. In addition, from April 2027 the requirement to notify HMRC of EMI option grants for them to qualify will be abolished, with this measure to be legislated in Finance Bill 2026-27...

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Web page updated on 27/05/2026

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