My right hon. Friend the Chancellor announced on 8 October the creation of a new employment status of “employee owner”.
Today I am launching a consultation on how the Government will establish this new employment status. This coincides with introduction of the Growth and Infrastructure Bill.
Under the new employment status, employee owners will have a different set of employment rights and they will be given shares in the company of between £2,000 and £50,000. Any increase in value of these shares will not be subject to capital gains tax.
The consultation ends on 8 November, copies will be available on the BIS website and in the Libraries of both Houses.