§ 76B.—(1) For the purposes of section 75 any sums paid by an investment company—
- (a) by way of a levy, or
- (b) as a result of an award of costs under costs rules, shall be treated as part of its expenses of management.
§ (2) If a payment is made to an investment company as a result of a repayment provision, the company shall be charged to tax under Case VI of Schedule D on the amount of that payment.
§ (3) "Levy" has the meaning given in section 76(7A).
§ (4) "Costs rules" means—
- (a) rules made under section 205 of the Financial Services and Markets Act 2000;
- (b) provision relating to costs contained in the standard terms fixed under paragraph 18 of Schedule 14 to that Act.
§ (5) "Repayment provision" has the meaning given in section 76A(3)." ".—[Mr. Betts.]
§ Brought up, read the First and Second time, and added to the Bill.