Statutory Instruments
2024 No. 902
CAPITAL GAINS TAX
INCOME TAX
INHERITANCE TAX
The Infected Blood Compensation Scheme (Tax Exemptions and Relief) Regulations 2024
Made
4th September 2024
Laid before the House of Commons
5th September 2024
Coming into force
26th September 2024
The Treasury make these Regulations in exercise of the powers conferred by paragraphs 2(5), 3(5), 4(3)(c) and 5(7) of Part 1 of Schedule 15 to the Finance Act 2020( 1 ).
Citation and commencement
1. These Regulations may be cited as the Infected Blood Compensation Scheme (Tax Exemptions and Relief) Regulations 2024 and come into force on 26th September 2024.
Interpretation
2. In these Regulations—
“ the Infected Blood Compensation Authority ” means the body corporate established by section 48 of the Victims and Prisoners Act 2024 ( 2 );
“ Infected Blood Compensation Scheme payment ” means a compensation payment made by the Infected Blood Compensation Authority under the Infected Blood Compensation Scheme established by regulation 3(1) of the Infected Blood Compensation Scheme Regulations 2024 ( 3 ).
Exemption from income tax for Infected Blood Compensation Scheme payments
3. —(1) Infected Blood Compensation Scheme payments are qualifying payments for the purposes of paragraph 3 of Schedule 15 to the Finance Act 2020.
(2) This regulation applies to payments received on or after 23rd August 2024.
Exemption from capital gains tax for Infected Blood Compensation Scheme payments
4. —(1) Infected Blood Compensation Scheme payments are qualifying payments for the purposes of paragraph 4 of Schedule 15 to the Finance Act 2020.
(2) This regulation applies to disposals made on or after 23rd August 2024.
Relief from inheritance tax for Infected Blood Compensation Scheme payments
5. —(1) Infected Blood Compensation Scheme payments are qualifying payments for the purposes of paragraph 5 of Schedule 15 to the Finance Act 2020.
(2) This regulation applies to deaths occurring on or after 23rd August 2024.
Jeff Smith
Taiwo Owatemi
Two of the Lords Commissioners of His Majesty’s Treasury
4th September 2024
2020 c. 14 . Schedule 15 was amended by section 12 of the Finance Act 2024 (c. 3) .