By Robert Miller

ISBN-10: 0333458648

ISBN-13: 9780333458648

ISBN-10: 1349100005

ISBN-13: 9781349100002

ISBN-10: 1349100021

ISBN-13: 9781349100026

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Extra info for London International Financial Futures Exchange Yearbook

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She is currently a correspondent with the Channel Four Business Daily programme. SECTION 4 TAXATION TREATMENT OF FINANCIAL FUTURES AND OPTIONS IN THE UNITED KINGDOM will be subjected to tax under ScheduleD, Case I, the usual method for assessing trading income. The exact method of recognising profits or losses for tax purposes can introduce an element of uncertainty. For banks and financial concerns trading in financial futures and options, the Inland Revenue has indicated that the strict method for computing taxable profits or losses is by taking into account realised transactions only; an approach which is not necessarily compatible with the accounting treatment.

The stock market may be in an uptrend and a pension fund manager knows he is to receive a large influx of contributions on a certain date. He doesn't want to miss any of the rise in the intervening period. He can take advantage of the rise, before the cash is received, by buying FrSE-100 futures contracts of an equivalent amount, needing only to pay a fraction of their cost to trade. Of course the market could fall during the period concerned but it may appear a low risk. Royal Life wanted to do such a hedge in September 1987 when it launched a £6m advertising campaign to attract investment to its three new unit trusts.

Fluctuations in market prices subsequent to the establishment of a LIFFE position will give rise to variation margin flows as the position is successively revalued. The variation margin flows represent the amount of the unrealised profits or losses on the open position. The extent to which these unrealised gains or losses are recognised in the profit and loss account will depend upon whether the LIFFE position is speculative or entered into for the purpose of hedging. The 'markto-market' policy advocated will result in immediate recognition of changes in margins as profits or losses.

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London International Financial Futures Exchange Yearbook by Robert Miller

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