Related Commentary  Related HMRC Manuals

589(1)  A relevant contract is not a derivative contract for the purposes of this Part if its underlying subject matter–

(a)consists wholly of excluded property (see subsections (2) to (5)), or

(b)is treated as consisting wholly of such property.

589(2)  “Excluded property” means–

(a)intangible fixed assets,

(b)shares in a company other than shares within subsection (3), or

(c)rights of a unit holder under a unit trust scheme other than a scheme in relation to which section 490 (holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights) has effect.

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