The Post Office and Victims of Overseas Terrorism Compensation Scheme (Tax Exemptions and Relief) Regulations, SI 2024/182, exempt the following compensation payments from income tax and capital gains tax:
Post Office Process Review (PPR) compensation payments (to address operational process and policy issues that affected individuals – separate to the Horizon schemes);
Suspension Remuneration Review (SRR) compensation payments (to address periods when individuals were suspended without pay); and
certain compensation payments under the Post Office Group Litigation Order (GLO).
Certain qualifying payments made to nominated individuals under the GLO scheme will also be relieved from IHT. Payments made under the Victims of Overseas Terrorism Compensation Scheme (VOTCS) will also be exempt from income tax and CGT.
The regulations come into force on 14 March 2024 and have effect retrospectively depending on the particular scheme in question. The Social Security (Contributions) (Amendment) Regulations, SI 2024/187, provide the equivalent disregards from earnings for NICs purposes for the Post Office schemes.
The Post Office and Victims of Overseas Terrorism Compensation Scheme (Tax Exemptions and Relief) Regulations, SI 2024/182, exempt the following compensation payments from income tax and capital gains tax:
Post Office Process Review (PPR) compensation payments (to address operational process and policy issues that affected individuals – separate to the Horizon schemes);
Suspension Remuneration Review (SRR) compensation payments (to address periods when individuals were suspended without pay); and
certain compensation payments under the Post Office Group Litigation Order (GLO).
Certain qualifying payments made to nominated individuals under the GLO scheme will also be relieved from IHT. Payments made under the Victims of Overseas Terrorism Compensation Scheme (VOTCS) will also be exempt from income tax and CGT.
The regulations come into force on 14 March 2024 and have effect retrospectively depending on the particular scheme in question. The Social Security (Contributions) (Amendment) Regulations, SI 2024/187, provide the equivalent disregards from earnings for NICs purposes for the Post Office schemes.
