The short answer
Version 7 has the same five sheets, asking the same questions in the same order, as version 4. HMRC's new guidance notes say: "All worksheet definitions, questions, routing rules, thresholds, examples and calculations remain unchanged." What has changed is the sheet names, the layout and some wording.
The timing matters more than the changes. You cannot submit version 7 before 6 April 2027. From 6 April 2027 it is the only EMI template HMRC accepts, for any tax year, including late returns for earlier years.
Where to get it
Download it from HMRC's EMI end of year template page on GOV.UK. It is listed as "(From April 2027)", with new guidance notes and a new technical note. The current version 4 template is still on the same page until 6 April 2027.
Sheet names: version 4 and version 7
| Version 4 (use until 5 April 2027) | Version 7 (use from 6 April 2027) | What goes on it |
|---|---|---|
| EMI40_Adjustments_V4 | EMI40_Adjustments_V7 | Options adjusted in the tax year, for example after a variation in share capital |
| EMI40_Replaced_V4 | EMI40_Replaced_V7 | Options replaced because of a company reorganisation |
| EMI40_RLC_V4 | EMI40_RLC_V7 | Options released, lapsed or cancelled |
| EMI40_NonTaxable_V4 | EMI40_NonTaxable_V7 | Exercises of options with no tax charge |
| EMI40_Taxable_V4 | EMI40_Taxable_V7 | Exercises of options with a tax charge |
We compared the two files sheet by sheet. Each version 7 sheet has the same number of question columns as its version 4 sheet: 14, 17, 12, 15 and 20.
What changed
- The top of each sheet. Version 4 opened with a block of "How to complete this schedule" instructions. In version 7 each sheet has a title, one line saying what the sheet is for and a pointer to the guidance on GOV.UK. The question headings are in row 4.
- Wording. HMRC has removed abbreviations, so "e.g." becomes "for example" and "£" becomes "pound". Each heading now says the format it needs, for example "Enter the value in pounds to 4 decimal places. For example, 10.1234".
- Layout. Sheets are formatted as tables with headers, in one font, Arial 12.
- Your own files. If you make your own ODS file, HMRC says the headings must match the new technical note: the same upper and lower case, the same date format, no abbreviations and correct spelling.
What stayed the same
- Dates as yyyy-mm-dd, for example 2023-10-31. See date format.
- Values in pounds to 4 decimal places and numbers of shares to 2. See decimal places.
- National Insurance numbers in the format QQ123456C. See NI numbers.
- Disqualifying events entered as a number from 1 to 8.
- Yes and no answers: Yes, yes or YES and No, no or NO.
- Never enter "N/A" or "not applicable". Leave the cell blank. See N/A entries.
- AIM and PISCES are not recognised stock exchanges for these questions.
Which version to use, by filing date
| When you file | Template | Checking service |
|---|---|---|
| Now until 5 April 2027, for any tax year | Version 4. Version 7 cannot be submitted yet. | Checks version 4 until 5 April 2027. Checks version 7 from 1 February 2027. |
| From 6 April 2027, for any tax year | Version 7 only. HMRC rejects version 4. | Version 7 |
HMRC calls these dates a planned timetable and says they may change. We will update this page if they do.
So a late 2025 to 2026 return filed this winter goes on version 4, and the 2026 to 2027 return, due by 6 July 2027, goes on version 7.
CSV files
You can still submit CSV files instead of the ODS workbook. The new technical note says that to make them from HMRC's ODS template you delete all the pre-filled content in the first four rows, so your data starts in column A, row 1, and save each sheet as its own CSV file. The file name must match the sheet name exactly, for example EMI40_Replaced_V7.csv. See CSV files.
EMI grants from April 2027
HMRC's bulletin 69 says that for options granted on or after 6 April 2027, companies will notify the grant through the EMI annual return instead of a separate notification. The version 7 template published on 2 November 2026 has the same five sheets as version 4 and no sheet for grants. HMRC says more information about the template changes will come in future bulletins.
Share Scheme Return and version 7
Share Scheme Return now supports version 7. It builds your return on HMRC's official EMI template, version 4 or version 7, and picks the version from the tax year: version 7 for the 2026 to 2027 return, version 4 for earlier years until 5 April 2027. It can also check a finished version 7 file against the template. HMRC's checking service only accepts version 7 files from 1 February 2027.
Questions
Can I use the EMI version 7 template now?
You can download it, but you cannot submit it before 6 April 2027. Until 5 April 2027, file on version 4. From 6 April 2027 HMRC only accepts version 7, for any tax year.
Did the EMI questions change in version 7?
No. HMRC's version 7 guidance notes say all worksheet definitions, questions, routing rules, thresholds, examples and calculations remain unchanged. The sheet names, layout and wording changed.
What are the EMI version 7 sheet names?
EMI40_Adjustments_V7, EMI40_Replaced_V7, EMI40_RLC_V7, EMI40_NonTaxable_V7 and EMI40_Taxable_V7.
When can I check a version 7 file with HMRC?
From 1 February 2027. HMRC's checking service cannot check the new templates before then.
Based on HMRC's published guidance: EMI end of year template (GOV.UK). EMI guidance notes, from April 2027. EMI technical note, from April 2027. ERS bulletin 70 (November 2026). ERS bulletin 69 (October 2026). Checked on 2 November 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.
Filing an EMI return before April 2027?
Load your option register and see every row that breaks HMRC's published rules, with the reason and the fix. Then build your return on HMRC's official EMI template. Nothing is uploaded, and checking is free.