1988 | OriginalPaper | Chapter
Taxation Treatment of Financial Futures and Options in the United Kingdom
Author : Victor Levy
Published in: London International Financial Futures Exchange Yearbook
Publisher: Macmillan Education UK
Included in: Professional Book Archive
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Since the opening of the London International Financial Futures Exchange in 1982, the taxation treatment of financial futures and options has undergone considerable change as new law has been introduced. Initially, the Inland Revenue attempted to treat matters under existing statute and case law. This approach centred on distinguishing between traders and investors. In 1984 legislation was introduced to exempt pension funds from taxation when dealing in financial futures and in the following year capital gains tax was substituted for Schedule D Case VI in non-trading situations.