(1)contracts based on tangible commodities, including electricity and gas, are essentially taxable (except where they are purely cash-settled contracts);
(2)contracts for intangibles, such as currency, securities, interest rate swaps and other contracts for differences are basically exempt; and
(3)contracts for other intangibles, such as CO2 emissions allowances and renewables obligations certificates are basically taxable and regarded as within VATA 1994, Sch. 4A (art. 59 of Directive 2006/112) but exempt if purely cash-settled.