Part 6Exempt income
Chapter 9Other income
Other
779Gains on commodity and financial futures
(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.