128 Commodity and financial futures etc.: losses and gains.U.K.
M1Any gain arising to any person in the course of dealing in commodity or financial futures or in qualifying options, which apart from this section 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 that Schedule.
In this section “commodity or financial futures” and “qualifying options” have the same meaning as in section [F1143 of the 1992 Act], and the reference to a gain arising in the course of dealing in commodity or financial futures includes any gain which is regarded as arising in the course of such dealing by virtue of subsection [F1(3)] of that section.
Textual Amendments
F1Words in s. 128 substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 14(7) (with ss. 60, 101(1), 171, 201(3)).
Marginal Citations
M1Source—1985 s.72(1), (2); 1987 (No.2) s.81(1)