Section 155 | Levies and repayments under FISMA 2000

(1)This section applies for the purpose of calculating the profits of a trade ...

(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.

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

(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.

(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 a sum paid as a result of an award of costs under costs rules).

(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.