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The Taxes Act 1988 is amended as follows.

In section 15(1) (Schedule A), in paragraph 2(3) of Schedule A (profits of Schedule A business computed without regard to certain items), for the third indent (which relates to qualifying payments within Chapter 2 of Part 4 of the Finance Act 1994 (c 9)), substitute—

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(1)     .��.��.

(2)     After subsection (1A) of that section insert—

“(1B)     If, apart from section 143(1) of the 1992 Act or section 128(2) above, gains arising in the course of dealing in financial futures or in qualifying options would constitute, for the purposes of the Corporation Tax Acts, profits and gains chargeable to tax under Case V or VI of Schedule D, then any loss arising in the course of that dealing shall not be allowable against profits and gains which are chargeable to tax under Case V or VI of Schedule D.”.

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Omit section 468AA (authorised unit trusts: futures and options).

(1)