The five EMI sheets
| Sheet | Events |
|---|---|
| EMI40_Adjustments_V4 | Adjustments of options, for example after a variation in share capital |
| EMI40_Replaced_V4 | Options replaced with options over another company's shares |
| EMI40_RLC_V4 | Options released, lapsed or cancelled |
| EMI40_NonTaxable_V4 | Exercises with no tax charge |
| EMI40_Taxable_V4 | Exercises with a tax charge |
Taxable or non-taxable
Which exercise sheet applies depends on the tax position of each exercise, for example after a disqualifying event or where the exercise price was below market value at grant. That is a tax question for you or your adviser; tell the checker yes or no for each exercise, or once for all of them.
Grants are not on the annual return
New EMI grants are notified to HMRC separately. For options granted on or after 6 April 2024 the notification is due by 6 July after the end of the tax year of grant; for earlier grants it was 92 days. The checker leaves grant rows out of the annual return and tells you it has done so. See HMRC's EMI notification guidance.
Based on HMRC's published guidance: EMI guidance notes. Submit an EMI notification. Checked on 20 October 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.
Let the free checker find these for you
Load your option register or finished return and see every row HMRC is likely to reject, with the reason and the fix. Nothing is uploaded, and you don't need an account.