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 levy imposed under this section is payable to the Board.
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.
The Board may not make rules under this section except with the consent of the Lord Chancellor.
"Leviable body" means—
The "leviable Board expenditure" means the difference between—
The "leviable OLC expenditure" means the difference between—
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.
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)).
But the leviable Lord Chancellor expenditure does not include any expenditure under section 172 (funding of Board and OLC).
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.