http://www.legislation.gov.uk/ukpga/2003/1/section/527/enactedIncome Tax (Earnings and Pensions) Act 2003Temporary employmentKing's Printer of Acts of Parliament2021-08-04 Part 7Employment income: share-related income and exemptionsChapter 9Enterprise management incentivesIntroductionEnterprise management incentives: qualifying options 527 1 This Chapter provides— a for share options notified to the Inland Revenue to be qualifying options for the purposes of the EMI code, and b for exemptions and reliefs from income tax in connection with qualifying options. 2 Schedule 5 contains the requirements that have to be met for a share option to be a qualifying option, together with the notification procedure. 3 The provisions of— a this and the following sections of this Chapter, b Schedule 5, and c Part 4 of Schedule 7D to TCGA 1992 (enterprise management incentives: capital gains tax consequences of exercise of qualifying option), together constitute “the EMI code”. 4 In the EMI code— “qualifying option” means a share option— in relation to which the requirements of Schedule 5 are met at the time when the option is granted, and which is notified to the Inland Revenue in accordance with Part 7 of that Schedule; “replacement option” means an option within paragraph 41(4) of that Schedule (grant of replacement option in connection with company reorganisations); “share option” means a right to acquire shares in a company; and any reference to the requirements of Schedule 5 is to the requirements set out in paragraph 1(3) of that Schedule. 5 Other expressions used in the EMI code and contained in the index at the end of Schedule 5 have the meaning indicated by the index.