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

1

In computing the amount of the profits to be charged 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.

2

“Levy” has the meaning given in section 76(7A).

3

“Repayment provision” means any provision made by virtue of—

a

section 136(7) of the Financial Services and Markets Act 2000 (“the Act of 2000”);

b

section 214(1)(e) of the Act of 2000.

4

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

76B Levies and repayments under the Financial Services and Markets Act 2000: investment companies.

1

For the purposes of section 75 any sums paid by an investment company—

a

by way of a levy, or

b

as a result of an award of costs under costs rules,

shall be treated as part of its expenses of management.

2

If a payment is made to an investment company as a result of a repayment provision, the company shall be charged to tax under Case VI of Schedule D on the amount of that payment.

3

“Levy” has the meaning given in section 76(7A).

4

“Costs rules” means—

a

rules made under section 230 of the Financial Services and Markets Act 2000;

b

provision relating to costs contained in the standard terms fixed under paragraph 18 of Schedule 17 to that Act.

5

“Repayment provision” has the meaning given in section 76A(3).