Commentary

E1.582 Gains on commodity and financial futures

Personal and employment tax

E1.582 Gains on commodity and financial futures

E1.582 Gains on commodity and financial futures

No liability to income tax arises in respect of a gain arising to a person in the course of dealing in commodity or financial futures, traded options or financial options1. The exemption extends to a gain arising from transactions otherwise than in the course of dealing on a recognised futures exchange involving an authorised person2.

For the purposes of this exemption, commodity or financial futures are commodity or financial futures for the time being dealt with on a recognised futures exchange. Financial option has the meaning given by TCGA

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