Section 659A Futures and options.F1
United Kingdom
For the purposes of sections F2. . . 613(4), 614(3) and (4) . . . —
“investments” (or “investment”) includes futures contracts and options contracts, and
income derived from transactions relating to such contracts shall be regarded as income derived from (or income from) such contracts.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the purposes of subsection (1) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.
Annotations
Textual amendments
- F1
S. 659A inserted (with effect in accordance with s. 81(5) of the amending Act) by Finance Act 1990 (c. 29), s. 81(2)
- F2
Words in s. 659A(1) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3, Note (with Sch. 36)