Part 4Savings and investment income
Chapter 12Disposals of futures and options involving guaranteed returns
When disposals of futures and options occur
565Interpretation of section 564
1
References in section 564 to the running of a future to delivery are references to performing (and so discharging) the obligations owed under the commodity or financial futures contract in question to the party to the future whose rights as a party relate to the underlying subject matter.
2
In subsection (1) the reference to the underlying subject matter is a reference to, or to the value of, the commodities, currencies, shares, stock or securities, interest rates, indices or other matters—
a
to which the future is referable, or
b
to the value of which it is referable.
3
In section 564 and this section “party”, in relation to a future or option, means one of the persons who—
a
has any right or entitlement comprised in or arising under the future or option, or
b
is subject to any obligation or liability so comprised or arising.
4
In section 564 “market value” has the same meaning as in TCGA 1992 (see sections 272 to 274).