Income Tax (Trading and Other Income) Act 2005 section 562

When disposals of futures and options occur: general

Section 562 provided general rules for determining when a disposal of a future or option was treated as occurring for income tax purposes, but this section has been removed from the legislation.

• Section 562 was part of Chapter 12 (sections 555–569) of ITTOIA 2005, which dealt with the income tax treatment of gains from futures and options not falling within a trade.
• The entire Chapter 12, including section 562, was repealed by Finance Act 2013 (Schedule 12, paragraph 13(2)).
• The repeal took effect from the 2013–14 tax year onwards, meaning the provisions have no application for that year or any subsequent tax year.
• Any disposal of futures or options from 2013–14 onwards falls to be dealt with under other applicable tax rules rather than under this now-omitted chapter.