House of Commons · Written Ministerial Statement
Private Intermittent Securities and Capital Exchange System (PISCES)
15 May 2025 · Treasury
Proposed by James Murray Lab Co-op Ealing North
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- Government will legislate in the next Finance Bill to amend existing EMI and CSOP contracts to include PISCES trading events.
- Amendment will require employees' permission and will not affect tax advantages for the contracts.
- Legislation will have retrospective effect to benefit PISCES trading events expected later in 2025.
Issue summary
The statement addresses the Government's legislation to allow existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) contracts to be amended for PISCES trading events.
Action requested
The Government will legislate in the next Finance Bill to enable employers, with employees' permission, to amend existing EMI and CSOP contracts to include a PISCES trading event as an exercisable event without losing tax advantages. This amendment will have retrospective effect and benefit the first PISCES trading events expected later this year.
Key facts
- The Government has laid The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025.
- Spring Statement 2025 published a technical note detailing the tax implications for employees trading their shares on PISCES.
- Existing EMI and CSOP contracts will be amendable to include PISCES trading events, retaining tax advantages.
- Legislation has retrospective effect and will benefit first PISCES trading events expected later this year.