Article 3 Consequential amendments to legislation

(1)

The Taxation of Chargeable Gains Act 1992^f1 is amended as follows.

(2)

In section 143(1) (commodity and financial futures and qualifying options)—

(a)

after “section 128 of the Taxes Act” insert “and section 779 of ITTOIA 2005”, and

(b)

for “chargeable to tax under Schedule D otherwise than as the profits of a trade, then” substitute—

“chargeable to tax—

(a)

under Schedule D otherwise than as the profits of a trade, or

(b)

under Chapter 8 of Part 5 of ITTOIA 2005,

then”

(3)

In section 161(3) (appropriations to and from stock) for the words from “if” to “, and elects” substitute—

“if—

(a)

he is chargeable to corporation tax in respect of the profits of the trade under Case I of Schedule D, or

(b)

he is chargeable to income tax in respect of the profits of the trade under Chapter 2 of Part 2 of ITTOIA 2005 and the trade is carried on wholly or partly in the United Kingdom,

and he elects”.

Annotations

Footnotes

f1: 1992 c. 12.