# Banking Act 1987 (repealed), Section 66: Tax treatment of contributions and repayments.

Extent: E+W+S+N.I.

In computing for the purposes of the Tax Acts the profits or gains arising from the trade carried on by a contributory institution—
(a) to the extent that it would not be deductible apart from this section, any sum expended by the institution in paying a contribution to the Fund may be deducted as an allowable expense;
(b) any payment which is made to the institution by the Board under section 55 (2) above or pursuant to a scheme under section 63 (2) above shall be treated as a trading receipt.

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Source: https://www.legislation.gov.uk/ukpga/1987/22/section/66 (the official version)
Page: https://openlegislation.uk/banking-act-1987-repealed/section-66
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.