Contracts relating to land or certain tangible moveable property

Although land was an excluded subject matter when the derivative contracts legislation was enacted in 2002, it ceased to be so for relevant contracts entered into after 1 August 2004 in an accounting period ending on or after 17 September 2004. Since, however, property held by a company other than as trading stock will be a chargeable asset, it was felt appropriate to apply similar ‘capital gains’ treatment to property derivatives.

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