Commentary on Sections Overview
3458.This Schedule, which is introduced in Chapter 9 of Part 7, deals with the rules relating to qualifying options for the purposes of “the EMI code”. The legislation relating to EMI, which is contained in Chapter 9 of Part 7 and in this Schedule, is called “the EMI code”. This term was introduced in section 527. Chapter 9 of Part 7 deals with the tax exemptions available in connection with a qualifying EMI option.
3459.The legislation relating to these schemes derives from Schedule 14 to FA 2000 (introduced by section 62 of FA 2000). This Schedule was amended by Schedule 14 to FA 2001 and by SI 2001 No 3799.
3460.This Schedule contains further provisions relating to EMI. After the introductory Part (Part 1) it deals with the following matters:
	it specifies the requirements that must be met in relation to a qualifying EMI option (in Parts 2 to 6);
	it deals with the notification processes (in Part 7); and
	it deals with supplementary matters (in Part 8).
3461.EMI is different from SAYE, CSOP and SIPs in that it is not a “scheme” or a “plan”, with an approval procedure and the administrative structure that goes with it. Nevertheless this Schedule follows the pattern in Schedules 8 and 14 to FA 2000 which has been developed in the Schedules in this Act for SAYE, CSOP and SIPs. So where it seems helpful the opportunity has been taken to list the requirements relevant for a Part in an introductory paragraph.