Finance Bill

The Economic Secretary said that the guidance might be unclear. The guidance is very clear. I wonder whether she means that the wording of the Bill is unclear. The wording of paragraph 3 of proposed new section 169K states:"““Condition B is that the individual makes the disposal as part of the withdrawal of the individual from participation in the business””." That may be where the ambiguity has crept in. The guidance note, however, is very clear:"““A withdrawal from participation in the business concerned relates to the 'material disposal of business assets'…That is, it takes place when the individual reduces his or her interest in the assets of the partnership, or their holding in the company””." Where individuals make a material disposal in the assets of the partnership or the holding of the company, they will be withdrawing from participation in the business by definition.