HMRC-Ready EMI Valuation Reports
409.AI helps UK companies prepare expert-reviewed EMI valuation reports covering UMV and AMV, with support for the VAL231 submission to HMRC before granting share options.
An EMI valuation is the share valuation UK companies agree with HMRC before granting Enterprise Management Incentive options, supporting the option exercise price and the tax treatment of the scheme.
At a glance
| Report | EMI valuation report |
|---|---|
| Summary | Expert-reviewed EMI valuation reports covering UMV and AMV, with VAL231 submission support for HMRC. |
| Price | From $3,499 |
| Jurisdiction | United Kingdom |
What is included
- Company information and valuation intake context
- Unrestricted Market Value (UMV) and Actual Market Value (AMV) analysis
- Methodology narrative and discount justification support
- VAL231 submission support materials
- Expert-reviewed final valuation report
Frequently asked questions
What is an EMI valuation and why do I need one?
Before granting Enterprise Management Incentive (EMI) options, UK companies typically agree the value of their shares with HMRC. The agreed values support the option exercise price and the tax treatment of the scheme, and give the company certainty before options are granted.
What is the difference between UMV and AMV?
Unrestricted Market Value (UMV) values the shares as if they carried no restrictions. Actual Market Value (AMV) reflects the restrictions that actually apply, such as those in the Articles of Association. EMI limits are tested against UMV, while options are commonly granted by reference to AMV.
Is my company eligible for EMI?
EMI is available to independent trading companies within size limits. For options granted on or after 6 April 2026, the limits are gross assets of no more than £120 million and fewer than 500 full-time equivalent employees. Some trades are excluded, including banking, insurance, property development, farming, and leasing. Companies outside the limits often consider a CSOP instead.
How do I submit an EMI valuation to HMRC?
The valuation report is submitted to HMRC Shares and Assets Valuation together with a completed and signed VAL231 form, typically by email. HMRC then either agrees the values or comes back with questions.
How long does HMRC take to agree an EMI valuation?
HMRC aims to respond within about four weeks, though in practice responses often take between four and eight weeks depending on volumes and the complexity of the submission.
How long is an agreed EMI valuation valid?
An agreed EMI valuation is valid for 90 days from the date of the agreement letter. Options should be granted within that window. Otherwise a new valuation needs to be agreed.
Do I need a new valuation after a funding round?
Usually, yes. A new funding round or other material event generally means an earlier value can no longer be relied on, and HMRC tends to treat funding rounds more than about twelve months old as stale reference points.
Is this tax or legal advice?
No. The valuation report organizes company-provided information into supporting documentation and should be reviewed with qualified tax and legal advisors.