Policy paper

Tax implications for Private Intermittent Securities and Capital Exchange System (PISCES)

This measure is about amending existing Enterprise Management Incentives and Company Share Option Plan options to include PISCES, a new type of stock market.

From:
HM Revenue & Customs
Published
26 November 2025

Documents

Allowing existing Company Share Option Plan and Enterprise Management Incentives options to become exercisable at a PISCES trading event

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Details

This measure will allow existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) options to be amended to include a sale on a Private Intermittent Securities and Capital Exchange System (PISCES) platform as an exercisable event, without losing the tax advantages the schemes offer.

This measure will apply to those options granted before 6 April 2028.

Updates to this page

Published 26 November 2025

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