Related Commentary  Related HMRC Manuals

649(1)  This section applies for the purposes of section 648.

649(2)  “Exactly tracking contract” means a contract where the amount which is to be paid to discharge the rights and liabilities which fall to be treated as comprised in the contract is equal to the amount found by applying R% to C, where–

R% is the percentage change (if any) over the relevant period in–

(a)the value of the assets which are the underlying subject matter of the contract, or

(b)any index of the value of those assets, and

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