Income Tax (Trading and Other Income) Act 2005 section 560

Production of guaranteed returns

Section 560 dealt with the production of guaranteed returns as part of the rules on disposals of futures and options involving guaranteed returns, but was removed from the legislation with effect from the 2013–14 tax year onwards.

• Section 560 was part of Chapter 12 (sections 555–569) of ITTOIA 2005, which addressed the tax treatment of disposals of futures and options involving guaranteed returns.
• The entire chapter, including section 560, was omitted by Finance Act 2013 (Schedule 12, paragraph 13(2)).
• The repeal took effect for the tax year 2013–14 and all subsequent tax years.
• Any transactions falling within the scope of this section for tax years prior to 2013–14 would have been governed by the original provisions as they stood at that time.