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) ”.