Point in time view as at 07/04/2005.
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 779.
(1)No liability to income tax arises as a result of Chapter 8 of Part 5 (income not otherwise charged) in respect of a gain arising to a person in the course of dealing in—
(a)commodity or financial futures,
(b)traded options, or
(c)financial options.
(2)The reference in subsection (1) to a gain arising in the course of dealing in commodity or financial futures includes a gain regarded as so arising under section 143(3) of TCGA 1992 (gains arising from transactions otherwise than in the course of dealing on a recognised futures exchange, involving authorised persons).
(3)In this section—
“commodity or financial futures” means commodity futures or financial futures that are for the time being dealt in on a recognised futures exchange,
“financial option” has the meaning given by section 144(8)(c) of TCGA 1992, and
“traded option” has the meaning given by section 144(8)(b) of that Act.
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