What did section 558 of ITTOIA 2005 originally provide?

Section 558 of the Income Tax (Trading and Other Income) Act 2005 provided definitions of key terms such as 'future' and 'option' that were essential for interpreting and applying Chapter 12 of the Act, which dealt with the tax treatment of disposals of futures and options by non-trading individuals under United Kingdom law.

When was section 558 of ITTOIA 2005 repealed and by which legislation?

Section 558 was repealed by section 28 and Schedule 12 paragraph 13(2) of the Finance Act 2013. The repeal took effect from the 2013–14 tax year onwards, meaning the definitions and all other provisions in Chapter 12 (sections 555–569) no longer have any operative effect for that year or any subsequent tax year.

How are gains or losses on futures and options taxed for individuals after the repeal of Chapter 12?

From the 2013–14 tax year onwards, any relevant gains or losses from futures and options for non-trading individuals fall to be dealt with under other provisions of the United Kingdom tax code rather than under the now-removed Chapter 12 of ITTOIA 2005. Taxpayers and accountants must refer to those alternative provisions.

Which sections of ITTOIA 2005 were included in the repealed Chapter 12?

Chapter 12 of the Income Tax (Trading and Other Income) Act 2005 comprised sections 555 to 569. The entire chapter, which set out rules for taxing income from disposals of futures and options by individuals not trading in such instruments, was repealed in full by the Finance Act 2013.

Income Tax (Trading and Other Income) Act 2005 section 558

Meaning of "future", "option" etc.

Section 558 provided definitions of key terms such as "future" and "option" used in the rules on disposal of futures and options by individuals, but this section has been removed from the legislation.

Section 558 was part of Chapter 12 (sections 555–569), which dealt with the tax treatment of disposals of futures and options outside of a trading context.
The entire Chapter 12, including section 558, was repealed by the Finance Act 2013.
The repeal took effect from the 2013–14 tax year onwards, meaning these provisions have no application for that year or any subsequent tax year.
Any relevant gains or losses from futures and options for 2013–14 and later years fall to be dealt with under other provisions of the tax code rather than under this now-removed chapter.

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