I know that under the old rules (pre April 2012), shares received under an EMI scheme would not have received ER if they were not held for a year when the option was exercised. The period the option was held did not count towards the 12 month qualifying period.
I know that under the new rules (April 2012 onwards), for options granted after 6 April 2012, the period the option is held does count towards the 12 month qualifying period.
Am I correct in thinking that shares exercised and sold straight away in December 2012 where the options had been granted a few years before will not qualify for ER? I can see where the legislation infers this but not with 100% clarification.
Any replies would be appreciated.