HC Deb 27 January 2000 vol 343 cc642-3

".—(1) In the Income and Corporation Taxes Act 1988 ("the 1988 Act"), in section 76 (expenses of management: insurance companies), for subsections (7) and (7A) substitute— (7) For the purposes of this section any sums paid by a company by way of a levy shall be treated as part of its expenses of management. (7A) "Levy" means—

  1. (a) a payment required under rules made under section (Funding of the legal assistance scheme)(2) of the Financial Services and Markets Act 2000 ("the Act of 2000");
  2. (b) a levy imposed under the Financial Services Compensation Scheme;
  3. (c) a payment required under rules made under section 209 of the Act of 2000;
  4. (d) a payment required in accordance with the standard terms fixed under paragraph 18 of Schedule 14 to the Act of 2000."

(2) After section 76 of the 1988 Act insert—

    cc642-3
  1. Levies and repayments under the Financial Services and Markets Act 2000 152 words
    2. c643
  2. Levies and repayments under the Financial Services and Markets Act 2000: investment companies 155 words