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Income Tax (Trading and Other Income) Act 2005

Section 155: Levies and repayments under FISMA 2000

627.This section provides for the inclusion, in a calculation of trading profits, of certain payments arising from the Financial Services and Markets Act 2000 (“FISMA”). It is based on section 76A of ICTA.

628.Section 76A of ICTA applies to all persons who are “authorised persons” for the purposes of FISMA.

629.Subsection (1)(b) reflects section 76A(1) of ICTA and makes it clear that investment companies are not within the provision.

630.Subsection (2) provides for a deduction. Most FISMA levies would be allowable expenses under the basic trade profit calculation rules. The purpose of this provision is to deal with the exceptional case where deduction of a levy would otherwise be prevented by a prohibitive rule.

631.The expenses allowable and the receipts chargeable are determined by reference to FISMA. Subsections (4) and (5) provide the link with FISMA.

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