The term ‘relevant contract’ is quite widely drafted so and will include most derivative contracts. Specifically, a ‘relevant contract’ is (the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), reg. 82):

an option;

a future; or

a contract for differences.

However, an option, future or contract for differences which relates to land will only be a relevant contract where it uses an index or other factor designated in the contract which is:

(1)publicly accessible;

(2)comprised of a significant number of properties; and

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