12 Relief for payments of compensation by government etc to companies
Finance Act 2024 (2024 c 3) | Legislation

12  Relief for payments of compensation by government etc to companies

(1)     FA 2020 is amended as follows.

(2)     After paragraph 5 of Schedule 15 (tax relief for scheme payments) insert—

“Part 2
Corporation Tax and other Related Relief

Introductory
6

This Part of this Schedule provides for the following—

(a)     an exemption from corporation tax for relevant compensation payments, and

(b)     an exemption from income tax and capital gains tax for relevant onward payments.

Relevant compensation payments
7

(1)     In this Part of this Schedule “relevant compensation payment” means a payment made to a company under—

(a)     the GLO Compensation Scheme,

(b)     the Horizon Shortfall Scheme,

(c)     the Suspension Remuneration Review,

(d)     the Post Office Process Review, or

(e)     such other compensation scheme of a description specified in regulations made by the Treasury.

(2)     The power under sub-paragraph (1)(e) to specify a description of compensation scheme is exercisable only if the scheme provides for the payment of compensation to persons by or on behalf of—

(a)     the government of the United Kingdom,

(b)     the government of a part of the United Kingdom,

(c)     the government of any other country or territory,

(d)

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