Income and Corporation Taxes Act 1988

76A Levies and repayments under the Financial Services and Markets Act 2000.U.K.

(1)In computing the amount of the profits to be charged [F1to corporation tax] under Case I of Schedule D arising from a trade carried on by an authorised person (other than an investment company)—

(a)to the extent that it would not be deductible apart from this section, any sum expended by the authorised person in paying a levy may be deducted as an allowable expense;

(b)any payment which is made to the authorised person as a result of a repayment provision is to be treated as a trading receipt.

[F2(2)“Levy” means—

(a)a payment required under rules made under section 136(2) of the Financial Services and Markets Act 2000 (“the Act of 2000”);

(b)a levy imposed under the Financial Services Compensation Scheme;

(c)a payment required under rules made under section 234 of the Act of 2000;

(d)a payment required under scheme rules in accordance with paragraph 15(1) of Schedule 17 to the Act of 2000;

(e)a payment required in accordance with the standard terms fixed under paragraph 18 of Schedule 17 to the Act of 2000 other than an award which is not an award of costs under cost rules.]

[F3(3)“Repayment provision” means—

(a)any provision made by virtue of section 136(7) or 214(1)(e) of the Act of 2000;

(b)any provision by scheme rules for fees to be refunded in specified circumstances.]

(4)“Authorised person” has the same meaning as in the Act of 2000.

[F4(5)“Scheme rules” means the rules referred to in paragraph 14(1) of Schedule 17 to the Act of 2000.

(6)“Costs rules” means—

(a)rules made under section 230 of the Act of 2000;

(b)provision relating to costs contained in the standard terms fixed under paragraph 18 of Schedule 17 to the Act of 2000.]

Textual Amendments

F1Words in s. 76A(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 46 (with Sch. 2)