Explanatory Note

(This note is not part of the Regulations)

These Regulations provide for exemptions from capital gains tax, corporation tax, income tax and a relief from inheritance tax for payments received under Horizon Shortfall Scheme Appeals, an independent appeals process created by the Department for Business and Trade.

Relevant onward payments made by companies will be exempt from income tax and capital gains tax.

Horizon Shortfall Scheme Appeals payments are payments made by the Department for Business and Trade to persons who appeal their compensation claim offers made under the Horizon Shortfall Scheme.

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.