Part 4Loss relief
Chapter 2Trade losses
Restrictions on relief: commodity futures
52Dealings 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If relief is given in a case to which this section applies, the relief is withdrawn by the making of an assessment to corporation tax under this section.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).