564-650 Futures with a guaranteed return — prior to 6 April 2013
The provisions discussed below were repealed by FA 2013, s. 28 and Sch. 12 with effect from 6 April 2013 on the introduction of the disguised interest provisions (see ¶327-600ff.).
As indicated in ¶564-600 above, profits arising from dealings in futures contracts which do not constitute a trade are only to be charged to capital gains tax. There was, however, prior to 2013-14 one exception to this rule, which applied where the contract involved ‘guaranteed returns’. Such profits were to be charged to income tax rather than capital gains tax (former ITTOIA 2005, s. 555).