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20(1)In a case where—
(a)securities have been issued under a prospectus under which no securities were issued before 14th March 1989,
(b)some of the securities issued under the prospectus are gilt-edged securities which are would-be deep gain securities,
(c)some of the securities issued under the prospectus are gilt-edged securities which are not would-be deep gain securities, and
(d)there is a time when the aggregate nominal value of the securities falling within paragraph (b) above (at that time) exceeds the aggregate nominal value of the securities falling within paragraph (c) above (at that time),
sub-paragraph (2) below shall apply in relation to any gilt-edged security which has been or is issued under the prospectus at any time (whether before, at or after the time mentioned in paragraph (d) above).
(2)As regards any event occurring in relation to the security after the time mentioned in sub-paragraph (1)(d) above, paragraphs 5 to 19 above shall have effect as if—
(a)the security were a deep gain security, and
(b)it had been acquired as such (whatever the time it was acquired).
(3)For the purposes of sub-paragraph (1) above a would-be deep gain security is a security which would be a deep gain security apart from paragraph 1(6) above.
(4)In sub-paragraph (1) above “gilt-edged security” has the same meaning as in paragraph 1 above.
(5)For the purposes of sub-paragraph (2) above events, in relation to a security, include anything constituting a transfer or acquisition for the purposes of this Schedule.
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