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Here are three further amendments from a listening and consulting Government.
Amendment 119 will remove the upper limit of £50,000, thus enabling a person with £50,001 of shares to qualify as an employee owner. The Finance Bill will include a clause allowing employee owners to benefit from capital gains tax exemption for the first £50,000 of shares issued.
More importantly, amendment 122 will enable the Secretary of State to increase the minimum qualifying amount from £2,000. The amendment will ensure that the minimum qualifying amount of shares is not eroded over time and remains a sufficiently significant value.
Amendment 125 details the process by which the Secretary of State may increase—but not decrease—the minimum qualifying amount. That will be done by affirmative resolution, which requires a debate in each House of Parliament.