Paragraph 14 Disposal of derivatives where underlying subject matter is shares

In paragraph 53 (no chargeable gain on disposal of overseas land or certain shares), in sub-paragraph (4), at the appropriate place insert—

• ““derivative contract” means—

  1. (a)

     a derivative contract within the meaning of Part 7 of CTA 2009 (see section 576 of that Act), or

  2. (b)

     a contract which is not a derivative contract within the meaning of that Part only as a result of section 589(2)(b) of that Act (general exclusion of contracts whose underlying subject matter consists of shares);”.

That paragraph has effect, and is to be deemed always to have had effect, with the amendment made by sub-paragraph (1).