Section 779 | Gains on commodity and financial futures

(1)No liability to income tax arises as a result of Chapter 8 of Part 5 (income not otherwise charged) in respect of a gain arising to a person in the course of dealing in—

(a)commodity or financial futures,

(b)traded options, or

(c)financial options.

(2)The reference in subsection (1) to a gain arising in the course of dealing in commodity or financial futures includes a gain regarded as so arising under section 143(3) of TCGA 1992 (gains arising from transactions otherwise than in the course of dealing on a recognised futures exchange, involving authorised persons).

(3)In this section—

“commodity or financial futures” means commodity futures or financial futures that are for the time being dealt in on a recognised futures exchange,

“financial option” has the meaning given by section 144(8)(c) of TCGA 1992, and

“traded option” has the meaning given by section 144(8)(b) of that Act.