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2.—(1) In a non-standard repo case where—
(a)condition B is met in relation to the repo (see paragraph 15(4) of Schedule 13), and
(b)securities (“the substituted securities”) are substituted for other securities,
Schedule 13 applies with the modifications specified in paragraph (2).
(2) Paragraphs 2 (meaning of debtor repo), 6 (ignoring sale and subsequent purchase for purposes of chargeable gains: debtor repos), 7 (meaning of creditor repo) and 11 (ignoring purchase and subsequent sale for purposes of chargeable gains: creditor repos) of Schedule 13 apply as if any references in any of those paragraphs to “securities or similar securities” (however expressed) included a reference to the substituted securities.
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