Part 4Savings and investment income
Chapter 12Disposals of futures and options involving guaranteed returns
When disposals of futures and options occur
566When transactions are related
(1)
For the purposes of this Chapter, two or more transactions are related if all of them are entered into in pursuance of the same scheme or arrangements.
(2)
For this purpose the cases where any two or more transactions are to be taken to be entered into in pursuance of the same scheme or arrangements include any case where it would be reasonable to assume from one or more of the matters specified in subsection (3) that none of them would have been entered into independently of the others.
(3)
The matters are—
(a)
the likely effect of the transactions,
(b)
the circumstances in which the transactions are entered into, and
(c)
the circumstances in which any one of the transactions is entered into.
(4)
Nothing in this Chapter prevents transactions from being related transactions just because they are transactions—
(a)
with different parties, or
(b)
with parties different from the parties to the scheme or arrangements in pursuance of which they are entered into.
(5)
In the case of a transaction which is a disposal, the references in this section to entering into the transaction are references to making the disposal.
(6)
In this section “scheme or arrangements” includes schemes, arrangements and understandings of any kind, whether or not they are legally enforceable.