(1)For the purposes of section 275A, the situation of an asset is not otherwise determined if, apart from that section, this Act does not make any provision for determining—
(a)the situation of the asset, or
(b)whether the situation of the asset is in the United Kingdom.
(2)For the purposes of section 275A, an intangible asset is subject to UK law at a particular time if any right or interest which comprises or forms part of the asset is, at that time,—
(a)governed by, or otherwise subject to, or
(b)enforceable under,
the law of any part of the United Kingdom.
(3)Sub-paragraphs (6) to (10) of paragraph 12 of Schedule 26 to the Finance Act 2002 (meaning of “future” and “option”) apply for the purposes of section 275A as they apply for the purposes of Part 2 of that Schedule.
(4)For the purposes of section 275A—
(a)the underlying subject matter of a future is the property which, if the future were to run to delivery, would fall to be delivered at the date and price agreed when the contract is made, and
(b)the underlying subject matter of an option is the property which would fall to be delivered if the option were exercised.
(5)Section 275A is subject to section 275C (location of assets: interests of co-owners).
(6)This section is to be construed as one with section 275A.]
Textual Amendments
F1Ss. 275A, 275B inserted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 5