SCHEDULES
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Income Tax (Trading and Other Income) Act 2005 (c. 5)
601
1
Amend section 155 (levies and repayments under FISMA 2000) as follows.
2
In subsection (1) omit the words from “carried” to the end.
3
For subsection (2) substitute—
2
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.
4
In subsection (3) after “person” insert “
carrying on the trade
”
.
5
After subsection (3) insert—
3A
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.
6
In subsection (4)(e) for the words from “(other” to the end substitute “
(other than a sum paid as a result of an award of costs under costs rules)
”
.