Paragraph 9

United Kingdom

Rights under a contract for differences or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description or in an index or other factor designated for that purpose in the contract.

F1Notes .

F2(1)

This paragraph does not apply where the parties intend that the profit is to be obtained or the loss avoided by taking delivery of any property to which the contract relates.

F3(2)

This paragraph does not apply to rights under any contract under which money is received by the Director of Savings as deposits or otherwise in connection with the business of the National Savings Bank or raised under the National Loans Act 1968 under the auspices of the Director of Savings or under which money raised is treated as having been so raised by virtue of section 11(3) of the National Debt Act 1972.

Annotations

Textual amendments

F1: Word substituted by S.I. 1990/349, art. 2(2)
F2: Note numbered (1) by S.I. 1990/349, art. 2(2)
F3: Note added by S.I. 1990/349, art. 2(2)

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(c) (with savings in art. 292)

Notes on Schedule 1

Modifications

C1: Sch. 1 amended by S.I. 1988/496, art. 4
C2: Sch. 1 amended by S.I. 1988/803, art. 5