Income Tax (Trading and Other Income) Act 2005 section 561

The return from one or more disposals

Section 561 formerly defined how to calculate the return from one or more disposals of futures and options for the purposes of the income tax charge on such transactions, but was removed from the legislation with effect from the 2013–14 tax year onwards.

• Section 561 was part of Chapter 12 (sections 555–569) of ITTOIA 2005, which dealt with the taxation of disposals of futures and options as income rather than capital.
• The entire Chapter 12, including section 561, was omitted by Finance Act 2013 (Schedule 12, paragraph 13(2)).
• The removal took effect from the 2013–14 tax year and all subsequent tax years.
• From 2013–14 onwards, gains and losses on futures and options are no longer subject to the specific income tax rules that Chapter 12 previously imposed.