Income Tax (Trading and Other Income) Act 2005 section 559

When disposals involve guaranteed returns

Section 559 defined the circumstances in which a disposal of a futures contract or options contract was treated as involving a guaranteed return, but this provision was removed from the tax year 2013–14 onwards.

• Section 559 was part of Chapter 12 (sections 555–569) of ITTOIA 2005, which dealt with disposals involving guaranteed returns from futures and options.
• The entire chapter, including section 559, was omitted by Finance Act 2013, Schedule 12, paragraph 13(2).
• The repeal took effect from the tax year 2013–14 and applies to all subsequent tax years.
• Any transactions that would previously have fallen within this section are now dealt with under different provisions introduced by Finance Act 2013.