Statutory Instruments
2023 No. 772
Capital Gains Tax
Income Tax
The Post Office Horizon Shortfall Scheme Top-Up Payments (Tax Exemptions) Regulations 2023
Made
6th July 2023
Laid before the House of Commons
10th July 2023
Coming into force
1st August 2023
The Treasury make the following Regulations in exercise of the powers conferred by paragraphs 2(5) and (6), 3(5) and 4(3)(c) of Schedule 15 to the Finance Act 2020( 1 ).
Citation and commencement
1. These Regulations may be cited as the Post Office Horizon Shortfall Scheme Top-Up Payments (Tax Exemptions) Regulations 2023 and come into force on 1st August 2023.
Interpretation
2. In these Regulations—
“ Horizon Shortfall Scheme ” means the compensation scheme created on 1st May 2020 by Post Office Limited to compensate people who were adversely affected by accounting shortfalls related to the Horizon system;
“ Horizon Shortfall Scheme top-up payment ” means a top-up payment made by Post Office Limited to a recipient of a compensation payment from the Horizon Shortfall Scheme for the purpose of topping-up that compensation payment to account for sums lost to tax;
“ the Horizon system ” means any version of the computer system used by Post Office Limited known as Horizon, Horizon Legacy, Horizon Online or HNG-X;
“ Post Office Limited ” means the private company limited by shares with the company number 02154540 whose registered office is 100 Wood Steet, London, United Kingdom, EC2V 7ER.
Exemption from capital gains tax and income tax for Horizon Shortfall Scheme top-up payments
3. Horizon Shortfall Scheme top-up payments are qualifying payments for the purposes of paragraphs 3 and 4 of Schedule 15 to the Finance Act 2020.
Steve Double
Stuart Anderson
Two of the Lords Commissioners of His Majesty’s Treasury
6th July 2023