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Posted Thu, 28 Apr 2022 16:13:21 GMT by Nick Whalley
My apologies if this has been done before by way of broad guidance, if the underlying asset is futures contract, but the derivative being traded is the option upon it, how is the income treated for tax purposes please? For clarity it will be the S&P 500 e-mini future as the underlying. The trade is opened and closed in USD through US exchanges (US Withholding tax forms have been completed). Can losses still be offset against profits? Any particular records which should be kept aside form the obvious? Many thanks in advance
Posted Wed, 04 May 2022 13:10:42 GMT by HMRC Admin 19
Hi,

The trading of futures by individuals normally falls within capital gains, you can find further guidance here:

CG56004 - Futures: income or CG: CG treatment 

Capital losses can be offset against gains. Please remember to keep records of each individual trade.

Thank you.

 

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