Paragraph 2
United Kingdom
This Schedule applies to a transaction if—
it is a disposal of futures or options;
it is one of two or more related transactions designed to produce a guaranteed return; and
the guaranteed return comprises the return from that disposal or from a number of disposals of futures or options, of which that disposal is one, taken together.
For the purposes of this Schedule two or more related transactions are transactions designed to produce a guaranteed return if, taking the transactions together, it would be reasonable to assume, from either or both of—
the likely effect of the transactions, and
the circumstances in which the transactions are entered into, or in which any of them is entered into,
that their main purpose, or one of their main purposes, is or was the production of a guaranteed return from one or more disposals of futures or options.
Annotations
Textual amendments
- F1
Sch. 5AA para. 2(3) inserted (with effect in accordance with s. 78(6) of the amending Act) by Finance Act 2002 (c. 23), s. 78(2)
- F2
Sch. 5AA para. 2(3) repealed (with effect in accordance with s. 83(3) of the repealing Act) by Finance Act 2002 (c. 23), Sch. 27 para. 14(3), Sch. 40 Pt. 3(13), Note (with Sch. 28)
Notes on Schedule 5AA
Textual amendments
- F1
Sch. 5AA repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 344, Sch. 3 (with Sch. 2)
- F2
Sch. 5AA inserted (with effect in accordance with s. 80(6)(7) of the amending Act) by Finance Act 1997 (c. 16), s. 80(2), Sch. 11