(1)In sections 13 to 15 above and this section “levy” means levy under section 13(1).
(2)For the purposes of those sections and this section a disposal of rights to require the issue of securities of a company shall be treated as a disposal of the securities.
(3)A payment of levy by a former relevant port authority shall be allowable as a deduction from the consideration in the computation under the [1979 c. 14.] Capital Gains Tax Act 1979 of the gain accruing to the authority on a disposal of securities on which levy is chargeable; but, subject to that, no payment of levy, interest on unpaid levy or penalty under section 15 above shall be allowed as a deduction in computing any income, profits or losses for any tax purposes.
(4)Section 29A(1) of that Act (disposals and acquisitions treated as made at market value) shall not apply to a disposal of securities of a company on which levy is chargeable.
(5)There shall be paid into the Consolidated Fund—
(a)all payments of levy received by the appropriate Minister;
(b)all interest paid to the appropriate Minister on unpaid levy; and
(c)all penalties paid to the appropriate Minister under section 15 above.