(1) [deleted]
(2) After section 76 of the 1988 Act insert -
"76A Levies and repayments under the Financial Services and Markets Act 2000
(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) -
(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;
(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 -
(a) section 136(7) of the Financial Services and Markets Act 2000 ("the Act of 2000");
(b) section 214(1)(e) of the Act of 2000.
(4) "Authorised person" has the same meaning as in the Act of 2000.
76B Levies and repayments under the Financial Services and M