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Clause 23 - Employee owners

Part of Growth and Infrastructure Bill – in a Public Bill Committee at 12:15 pm on 6th December 2012.

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Photo of Michael Fallon Michael Fallon The Minister of State, Department for Business, Innovation and Skills 12:15 pm, 6th December 2012

It is my understanding that the rights would transfer, but again, I am ready to be corrected if I am wrong, and will certainly include the issue in my letter to the hon. Gentleman. I am happy to set out for him in a little more detail than I have time for now exactly how that will apply. There will be guidance, not simply from HMRC, but from the Government, on how the new scheme will operate. As I have said, the scheme is new, so all the companies that wish to take it up and all the employees who may express an interest in it will need some guidance as to how it will operate.

As I understand it from the various points raised, I do not think Opposition Members were querying the intent of the amendments, and in that spirit I commend them to the Committee.