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HMRC internal manual

Trusts, Settlements and Estates Manual

HM Revenue & Customs
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Capital items that are income for tax purposes: futures and options


Profits and gains arising on the disposal of a future or an option are chargeable to income tax at the trust rate. An option is a conditional agreement between the grantor and purchaser to buy (call option) or sell (put option) a specified quantity of something such as shares or currency at a fixed price. A future is a contract for the future delivery of commodities, shares, securities, foreign currency or other financial instruments at a pre-arranged price. Further guidance can be found at SAIM7000+ CG55400+ (options) and CG55600+ (futures).

External customers can find this guidance at (options) and cgmanual/CG55600.htm (futures).