The London Capital and Finance Compensation Scheme (Chargeable Gains Exemption) Regulations 2021

• Citation: S.I. 2021/1385
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the London Capital and Finance Compensation Scheme (Chargeable Gains Exemption) Regulations 2021 and come into force on 2nd January 2022.

(2) These Regulations have effect in relation to disposals made on or after 20th October 2021.

Section 2 Exemption from capital gains tax for compensation payments to customers under LCF Compensation Scheme

(1) A compensation payment made under the LCF Compensation Scheme is a qualifying payment for the purposes of paragraph 4 of Schedule 15 to the Finance Act 2020.

(2) In this regulation—

(a) “ the LCF Compensation Scheme ” means the scheme established by the Treasury on 3rd November 2021 and administered by the Financial Services Compensation Scheme Limited which provides compensation to customers of London Capital & Finance plc adversely affected by matters identified in the Gloster Report;

(b) “ the Gloster Report ” means the Report of the Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc, as revised on 10 December 2020 .