45Pension funds etc.: extension of tax exemptions to dealings in financial futures and traded options
(1)For the purpose of each of the enactments specified in subsection (2) below (which confer on certain pension funds and schemes either exemption from income tax in respect of income derived from investments or exemption from capital gains tax in respect of gains accruing on the disposal of investments) a contract entered into in the course of dealing in financial futures or traded options shall be regarded as an investment.
(2)The enactments referred to in subsection (1) above are—
(a)sections 211(2), 214(2), 216(2), 217(2), and 226(6) of the Taxes Act;
(b)subsections (2) and (7) of section 21 of the [1970 c. 24.] Finance Act 1970; and
(c)subsections (2)(a) and (3) of section 36 of the [1980 c. 48.] Finance Act 1980.
(3)In this section " traded option " means an option which is for the time being quoted on a recognised stock exchange, within the meaning of section 535 of the Taxes Act, or on the London International Financial Futures Exchange.