Regulation 2 Amendment of the Social Security (Contributions) Regulations 2001

In Part 10 of Schedule 3 to the Social Security (Contributions) Regulations 2001 (payments to be disregarded in the calculation of earnings for the purposes of earnings-related contributions)^f1 after paragraph 31 insert—

“Horizon Shortfall Scheme Appeals compensation payments

32.

(1)

A payment made by the Department for Business and Trade to a person or a nominated individual under the Horizon Shortfall Scheme Appeals.

(2)

A relevant onward payment of the payment defined in paragraph (1).

(3)

In this paragraph—

• “Horizon Shortfall Scheme” has the same meaning as in paragraph 27(2);

• “Horizon Shortfall Scheme Appeals” means the independent appeals process created by the Department for Business and Trade to assess compensation claims made under the Horizon Shortfall Scheme;

• “nominated individual” means any person who was a shareholder or a director of a company or a partner in a partnership which ceased to exist and that would have been eligible for compensation under the Horizon Shortfall Scheme Appeals;

• “relevant onward payment” has the same meaning as in paragraph 28(5).”