Commentary

B5.632 Financial services—rules regarding levies and repayments

Business tax
Business tax | Commentary

B5.632 Financial services—rules regarding levies and repayments

Business tax | Commentary

Financial services

B5.632 Financial services—rules regarding levies and repayments

There is legislation governing the treatment for tax purposes of levies imposed by the Financial Services and Markets Act 2000 and of repayments made under that Act. Most of the payments and repayments concerned will be included in the computation of trading profits under general provisions; this legislation applies to payments and repayments which cannot be so included1.

The rules were substantially amended by CTA 2009 with effect from 2009–10 (income tax) and accounting periods ending after 31 March 2009 (corporation tax)2.

The provisions before the change

In computing the profits of

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