# The Offshore Funds (Tax) Regulations 2009, Regulation 84: Meaning of “relevant contract”: futures


(1) For the purposes of regulation 82(1)(b) a “future” is a contract for the sale of property under which delivery is to be made—
(a) at a future date agreed when the contract is made, and
(b) at a price so agreed.
(2) For the purposes of paragraph (1)(b) a price is taken to be agreed when the contract is made—
(a) notwithstanding that the price is left to be determined by reference to the price at which a contract is to be entered into on a market or exchange or could be entered into at a time and place specified in the contract, or
(b) in a case where the contract is expressed to be by reference to a standard lot and quality, notwithstanding that provision is made for a variation in the price to take account of any variation in quantity or quality on delivery.

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Source: https://www.legislation.gov.uk/ukdsi/2009/9780111486313/regulation/84 (the official version)
Page: https://openlegislation.uk/draft-offshore-funds-tax-regulations-2009/regulation-84
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.