Section 275B | Section 275A: supplementary provisions ^F1

(1)For the purposes of section 275A, the situation of an asset is not otherwise determined if, apart from that section, this Act does not make any provision for determining—^F1

(a)the situation of the asset, or^F1

(b)whether the situation of the asset is in the United Kingdom.^F1

(2)For the purposes of section 275A, an intangible asset is subject to UK law at a particular time if any right or interest which comprises or forms part of the asset is, at that time,—^F1

(a)governed by, or otherwise subject to, or^F1

(b)enforceable under,^F1

the law of any part of the United Kingdom.

(3)In section 275A—^F1F2

“future” has the meaning given by section 581 of CTA 2009, and

“option” has the meaning given by section 580 of that Act.

(4)For the purposes of section 275A—^F1

(a)the underlying subject matter of a future is the property which, if the future were to run to delivery, would fall to be delivered at the date and price agreed when the contract is made, and^F1

(b)the underlying subject matter of an option is the property which would fall to be delivered if the option were exercised.^F1

(5)Section 275A is subject to section 275C (location of assets: interests of co-owners).^F1

(6)This section is to be construed as one with section 275A.^F1