Income Tax (Earnings and Pensions) Act 2003 Schedule 5 paragraph 57

Appeal against determination of market value of shares

Section 57 provides the employer company with a right of appeal against HMRC's determination of the market value of shares under an Enterprise Management Incentives (EMI) share option scheme.

• The employer company may appeal against any market value determination made by an HMRC officer under paragraph 56
• Notice of appeal must be submitted in writing to an HMRC officer
• The appeal must be lodged within 30 days of the date on which the employer company receives notice of the determination
• Only the employer company holds the right to bring such an appeal — not the individual employee or option holder