Granting unapproved share options to freelance consultants

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    Jonathan Lea
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    I have a client who would like to grant unapproved share options to freelance consultants that he intends to work with to help build his new company.

    Am I correct that because the freelance contractors are not employees then the grant of approved EMI options is not possible? Also, when unapproved share options are exercised and the holder of such options has always worked with the company on a self-employed basis then the holder will not be liable to any income tax at exercise (like they would be if they were an employee) and only be liable for paying capital gains tax on any increase in value of the shares since exercise?

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