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(1)Where the income which any individual is required under the Income Tax Acts to include in a statement of his total income for any year includes both—
(a)interest received without deduction of income tax in respect of government securities (in this section referred to as " original securities") which have been exchanged for any other government securities (in this section referred to as " substituted securities "), and
(b)interest taxed by deduction in respect of such substituted securities, and the amount of the interest so included exceeds the full amount of the interest for a complete year on the original securities,
then, if that individual so requires, the excess—
(i)shall not be taken into account in ascertaining his total income for that year for the purposes of income tax, but
(ii)shall nevertheless be chargeable to income tax for that year at such rate or rates, and subject to such reliefs, if any, as would be applicable if the excess constituted the highest part of an income equal, subject to section 529 of this Act, to the amount of his total income exclusive of the excess.
(2)Where an application is made under section 101(2) of this Act with respect to any securities, subsection (1) above shall have effect as if, during the period in which the interest on those securities was paid without deduction of income tax, those securities were original securities within the meaning of the said subsection (1), and as if thereafter they were substituted securities within the meaning of that subsection.
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