Client company has granted various EMI options over the years, some only very recently. Client has been "advised" (he won't say by whom) that if the employee has already held options for more than a year then the sale now of any shares acquired by exercise of an option granted only a few months ago will also qualify for ER. The legislation seems pretty clear to me - only those shares that have been "held" for more than a year will qualify. So if all options were to be exercised and sold today, for those on which options were granted less than a year ago ER will not be available. But have have I misunderstood the legislation?
As an aside, I note that HMRC's guidance (CG64052) apears to be wrong - it refers to matching EMI share disposals on a FILO basis whereas the legislation (TCGA s106A(6A)(b)) says that the EMI shares sold are identified with those acquired on an earlier date rather than a later date, ie FIFO.
Question edited - thanks to response below.