173The levyE+W
(1)The Board must make rules providing for the imposition of a levy on leviable bodies for the purpose of raising an amount corresponding to the aggregate of—
(a)the leviable Board expenditure,
(b)the leviable OLC expenditure, and
(c)the leviable Lord Chancellor expenditure.
(2)A levy imposed under this section is payable to the Board.
(3)Before making rules under this section, the Board must satisfy itself that the apportionment of the levy as between different leviable bodies will be in accordance with fair principles.
(4)The Board may not make rules under this section except with the consent of the Lord Chancellor.
(5)“Leviable body” means—
(a)an approved regulator,
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)any other person prescribed by the Lord Chancellor by order.
(6)The “leviable Board expenditure” means the difference between—
(a)the expenditure of the Board incurred under or for the purposes of this Act or any other enactment (including any expenditure incurred in connection with its establishment and any expenditure incurred by it in its capacity as an approved regulator or its capacity as a licensing authority), and
(b)the aggregate of the amounts which the Board pays into the Consolidated Fund under section 175(1)(a), (c) to (e) and (k) to (m) F2....
(7)The “leviable OLC expenditure” means the difference between—
(a)the expenditure of the OLC incurred under or for the purposes of this Act (including any expenditure incurred in connection with its establishment), and
(b)the aggregate of the amounts which the OLC pays into the Consolidated Fund under section 175(1)(g), (h) or (n).
(8)But subsection (7)(a) does not include such proportion of the expenditure of the OLC incurred under or for the purposes of this Act as may reasonably be attributed to the exercise of its functions under sections 164 to 166.
(9)The “leviable Lord Chancellor expenditure” means any expenditure incurred by the Lord Chancellor in connection with the establishment of the Board or the OLC (including expenditure incurred under or for the purposes of paragraph 10 of Schedule 22 (Interim Chief Executive of the OLC)).
(10)But the leviable Lord Chancellor expenditure does not include any expenditure under section 172 (funding of Board and OLC).
(11)In subsection (5) the reference to “an approved regulator” does not include the Board where it is designated as an approved regulator under section 62.
Textual Amendments
F1S. 173(5)(b) omitted (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 95(5)(a)
F2Words in s. 173(6)(b) omitted (29.11.2018 for specified purposes, 1.4.2019 in so far as not already in force) by virtue of The Financial Services and Markets Act 2000 (Claims Management Activity) Order 2018 (S.I. 2018/1253), arts. 1(2)(3), 95(5)(b)
Commencement Information
I1S. 173 wholly in force at 1.1.2010; s. 173 not in force at Royal Assent see s. 211; s. 173(1)(3)-(11) in force at 1.1.2009 by S.I. 2008/3149, art. 2(f) (subject to art. 3); s. 173 in force otherwise at 1.1.2010 by S.I. 2009/3250, art. 2(e) (with art. 9)