I think it's important to realise that's the part they are thinking of changing.
There are three choices on offer:
A: ICAO rule "Not less than 500ft above the surface"
B: Mixture "Not less than 500ft above the surface nor closer than 500ft to any person, vehicle, vessel or structure."
C: Existing rule "Not closer than 500ft to any person, vehicle, vessel or structure"
So A allows you to hover 500ft above the ground right next to a mast or tower, but B doesn't.
The real problem is that, as far as I can tell A and B do not allow you to practice a confined area, or pinnacle approach - even if it's in the middle of nowhere. Unless there's an exemption somewhere else, you will also have to abort PFLs at 500ft agl.
It's unclear to me whether 5(b) [exempt when taking off or landing ... ] applies only to licenced airfields - otherwise A or B would prevent you using a private landing site !!!!
It's open for discussion so if you have a strong opinion on A vs. B vs. C, then you should write to the CAA.