Part 3

Trading income
Chapter 5

Trade profits: rules allowing deductions

Levies under FISMA 2000

Levies etc under FISMA 2000
92
1
In calculating the profits of a trade carried on by a company, a deduction is allowed for any sum—
a
spent by the company in paying a levy, or
b
paid by the company as a result of an award of costs under costs rules,
so far as it is not otherwise allowable.
2
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 the standard terms fixed under paragraph 18 of Schedule 17 to FISMA 2000.
3
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 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 a sum paid as a result of an award of costs under costs rules).
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)