Part 2Trading income

Chapter 11Trade profits: other specific trades

Persons authorised for purposes of FISMA 2000

155Levies and repayments under FISMA 2000

1

This section applies for the purpose of calculating the profits of a trade F1...

F32

A deduction is allowed for any sum—

a

spent by the person carrying on the trade in paying a levy, or

b

paid by that person as a result of an award of costs under costs rules,

so far as it is not otherwise allowable.

3

A payment made to the person F2carrying on the trade as a result of a repayment provision is brought into account as a receipt.

F43A

For the purposes of this section “costs rules” means—

a

rules made under section 230 of FISMA 2000, or

b

provision relating to costs contained in standard terms fixed under paragraph 18 of Schedule 17 to FISMA 2000.

4

For the purposes of this section “levy” means—

a

a payment required under rules made under section 136(2) of FISMA 2000,

b

a levy imposed under the Financial Services Compensation Scheme,

c

a payment required under rules made under section 234 of FISMA 2000,

d

a payment required under the rules referred to in paragraph 14(1) of Schedule 17 to FISMA 2000 (“scheme rules”) in accordance with paragraph 15(1) of that Schedule, or

e

a payment required in accordance with the standard terms fixed under paragraph 18 of that Schedule F5(other than a sum paid as a result of an award of costs under costs rules).

5

For the purposes of this section “repayment provision” means—

a

any provision made by virtue of section 136(7) or 214(1)(e) of FISMA 2000, or

b

any provision made by scheme rules for fees to be refunded in specified circumstances.