HMRC have updated the Shares and Assets Valuation Manual (30 November 2022) to clarify that they are “reverting EMI valuation validation period from 120 days to 90 days from the date of the valuation acceptance letter”.
The relevant paragraph now reads as follows:
“Valuations for EMIs are valid for 90 days from the date of the agreement subject to the proviso that there are no changes in the Company’s circumstances that might affect the value of its shares prior to the options being issued. If the options have not been granted within this time frame applicants will be required to submit a fresh application with a newly completed form VAL 231.”
https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm110050
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