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A future is a contract and the normal rules of TCGA92/S28, see CG14250+, apply to establish the date of acquisition or disposal of the asset. Most futures contracts are unconditional.

EXAMPLE

• 1 May 2010 the taxpayer agrees to buy 200 ozs December Gold at US$1,300 a troy ounce.
• December 2010 the contract is not closed out and the taxpayer takes delivery of the gold paying 200 x 1,300 US$ = 260,000 US$. The taxpayer is treated as having acquired the gold in May 2010. The US$:拢 exchange rate on 1 May 2010 was 1 US$ = 65p. Therefore, the taxpayer鈥檚 acquisition cost is 拢169,000.

Some futures contracts are conditional because at the time the contract is made the parties do not know precisely what assets will have to be delivered. For example, a government bond future may be based upon a theoretical bond whose price is informed by a basket of physically available bonds. Should the contract go to delivery it may be satisfied out of a range of physically deliverable bonds. The particular bonds sold cannot be identified before delivery. Therefore the contract is a conditional contract. The date of acquisition and disposal is the date of delivery and not the date the future was acquired.