Part 4 Loss relief

Chapter 2 Trade losses

Restrictions on relief: commodity futures

52 Dealings in commodity futures
(1) This section applies if—
(a) a company makes a loss in a trade of dealing in commodity futures,
(b) the company carried on the trade as a partner in a partnership, and
(c) a scheme has been effected or arrangements within subsection (3) have been made (whether by the partnership agreement or otherwise).
(2) Relief under section 37 is not available for the loss.
(3) Arrangements are within this subsection if as a result of them the sole or main benefit that might be expected to arise to the company from the company's interest in the partnership is the obtaining of a reduction in tax liability by means of relief under section 37.
(4) If relief is given in a case to which this section applies, the relief is withdrawn by the making of an assessment to corporation tax under this section.
(5) “Commodity futures” means commodity futures that are for the time being dealt in on a recognised futures exchange (as defined in section 288(6) of TCGA 1992).