PART 3Modifications of Schedule 15 to FA 2020
Tax relief for compensation paymentsI144
1
Schedule 15 to FA 2020 (tax relief for scheme payments etc)53 has effect subject to the following modifications.
2
Paragraph 2 (qualifying payments) has effect as if—
a
in sub-paragraph (1), for “(5)” there were substituted “(5) and (5A)”
;
b
after sub-paragraph (5) there were inserted—
5A
A payment is within this sub-paragraph if it is a compensation payment made under or by virtue of Part 1 of PSPJOA 2022.
3
Paragraph 3 (exemption from income tax) has effect as if after sub-paragraph (5) there were inserted—
6
This paragraph has effect in relation to qualifying payments within paragraph 2(5A) whenever received.
4
Paragraph 4 (exemptions from capital gains tax) has effect as if, in sub-paragraph (3)—
a
the “and” at the end of paragraph (b) were omitted;
b
after paragraph (c) there were inserted—
, and
d
in a case where the qualifying payment concerned is within paragraph 2(5A), in relation to disposals whenever made.
5
Paragraph 5 (relief from inheritance tax) has effect as if—
a
in sub-paragraph (1), for “sub-paragraph (4)” there were substituted “sub-paragraphs (4) and (4A)”
;
b
after sub-paragraph (4) there were inserted—
4A
This paragraph does not apply in a case where the qualifying payment is within paragraph 2(5A).