HC Deb 27 January 2000 vol 343 cc642-3

76A.—(1) In computing the amount of the profits to be charged under Case I of Schedule D arising from a trade carried on by an authorised person (other than an investment company)—

  1. (a) to the extent that it would not be deductible apart from this section, any sum expended by the authorised person in paying a levy may be deducted as an allowable expense;
  2. (b) any payment which is made to the authorised person as a result of a repayment provision is to be treated as a trading receipt.

(2) "Levy" has the meaning given in section 76(7A).

(3) "Repayment provision" means any provision made by virtue of—

  1. (a) section (Funding of the legal assistance scheme)(7) of the Financial Services and Markets Act 2000 ("the Act of 2000");
  2. (b) section 188(1)(e) of the Act of 2000.

(4) "Authorised person" has the same meaning as in the Act of 2000.