Where HMRC agrees on valuations, the options currently need to be granted within 90 days.
Coronavirus may lead to situations where there have been delays in granting EMI options which takes people over the 90 day limit. Provided that there has been no change that may affect an appropriate value then:
- any EMI valuation agreement letter already issued, where the 90 days expires on or after the 1 March 2020, can be automatically treated as being extended by a period of 30 days
- any new EMI valuation agreement letter issued on or after 1 March 2020 will be valid for 120 days