Schedule 3
Finance Bill
3:15 pm
Jane Kennedy (Financial Secretary, HM Treasury; Liverpool, Wavertree, Labour)
Any tax relief will have pressure around its edges. I accepted the point about how the regime might influence behaviour, and the hon. Gentleman has now described more than one way in which it may be perverse. We believe that the rules, as drafted, strike a reasonable balance with clear conditions, but I have said that I shall keep the relief under close review.
Amendments Nos. 14 to 16 would have the effect that I have described. They would allow disposals to qualify for relief, even if the individual was not withdrawing from business. Amendment Nos. 17 to 20 would allow the assets to be switched away from businesses, but to continue to qualify for relief. Amendment No. 15, perhaps unintentionally, would prevent some disposals following the cessation of a business from qualifying for relief as, in certain cases, assets would not meet the new test of having been in business use up until the point of disposal.