For the purposes of section 275A, the situation of an asset is not otherwise determined if, apart from that section, this Act does not make any provision for determining—
the situation of the asset, or
whether the situation of the asset is in the United Kingdom.
For the purposes of section 275A, an intangible asset is subject to UK law at a particular time if any right or interest which comprises or forms part of the asset is, at that time,—
governed by, or otherwise subject to, or
enforceable under,
the law of any part of the United Kingdom.
In section 275A—
"future" has the meaning given by section 581 of CTA 2009, and
"option" has the meaning given by section 580 of that Act.
For the purposes of section 275A—
the underlying subject matter of a future is the property which, if the future were to run to delivery, would fall to be delivered at the date and price agreed when the contract is made, and
the underlying subject matter of an option is the property which would fall to be delivered if the option were exercised.
Section 275A is subject to section 275C (location of assets: interests of co-owners).
This section is to be construed as one with section 275A.