Annex 1: Minor Changes in the Law Change 22: Trading income etc: allow all FISMA levies and costs: sections 92, 104 and 1246 and Schedule 1 Management expenses
Section 76B of ICTA allows a deduction for “any sums paid … by way of a levy or as a result of an award of costs under the costs rules”. The definitions of “levy” and “costs rules” are imported from section 76A.
As with the trading income rule, it is clear that the contributions to running costs are allowable. But, unlike in the trading income rule, all “costs” are also allowable.