Finance Act 2002

3 (1) In section 128 (gains arising in course of dealing in commodity and financial futures etc) in the first sentence— U.K.

(a) at the beginning insert “(1)”,

(b) after “(1)”, as so inserted, insert “ For the purposes of income tax, ”, and

(c) for “apart from this section” substitute “ apart from this subsection ”.

(2) At the end of the first sentence of that section (as amended by sub-paragraph (1)) insert—

“(2) For the purposes of corporation tax, any gain arising to any company in the course of dealing in financial futures or in qualifying options, which apart from this subsection would constitute profits or gains chargeable to tax under Schedule D otherwise than as the profits of a trade, shall not be chargeable to tax under Case V or VI of Schedule D.”.

(3) At the beginning of the second sentence (and after subsection (2) as inserted by sub-paragraph (2)) insert “(3)”.