Companies and their advisers can ask Shares and Assets Valuation (SAV) at HMRC to agree the value of shares for the purposes of planned grants under tax advantaged enterprise management incentives (EMI) schemes, company share option plans (CSOPs), share incentive plans (SIPs) and save as you earn (SAYE) schemes. However, since 31 March 2016 SAV no longer provides pre-transaction rulings on valuation in other cases, although it may be requested to do so in exceptional circumstances where a substantial number of employees is involved. In the case of CSOPs, SAYE schemes and SIPs, it is normally the case that the market value of unquoted shares will be negotiated with SAV before the relevant options or awards are granted, although there may be occasions where the valuations do not need to be agreed with SAV, provided that an agreed formula has been followed. For EMI schemes, there is no statutory requirement