Section 52 — Corporation Tax Act 2010: Dealings in commodity futures

Dealings in commodity futures 52 1 This section applies if—

a a company makes a loss in a trade of dealing in commodity futures, b the company carried on the trade as a partner in a partnership, and c a scheme has been effected or arrangements within subsection (3) have been made (whether by the partnership agreement or otherwise).

2 Relief under section 37 is not available for the loss.

3 Arrangements are within this subsection if as a result of them the sole or main benefit that might be expected to arise to the company from the company's interest in the partnership is the obtaining of a reduction in tax liability by means of relief under section 37.

4 If relief is given in a case to which this section applies, the relief is withdrawn by the making of an assessment to corporation tax under this section. 5 “ Commodity futures ” means commodity futures that are for the time being dealt in on a recognised futures exchange (as defined in section 288(6) of TCGA 1992).