Income Tax (Trading and Other Income) Act 2005

155 Levies and repayments under FISMA 2000

(1) This section applies for the purpose of calculating the profits of a trade carried on by a person who—

(a) is authorised for the purposes of FISMA 2000 (see section 31(1) of that Act), but

(b) is not an investment company (within the meaning of section 130 of ICTA).

(2) A deduction is allowed for any sum spent by the person in paying a levy, so far as it is not otherwise allowable.

(3) A payment made to the person as a result of a repayment provision is brought into account as a receipt.

(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 (other than an award which is not an award of costs under rules made under section 230 of FISMA 2000 or under provision relating to costs contained in those standard terms).

(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.