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Amendment of section 607 (Government and certain other securities) of Principal Act.
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60.— (1) Section 607 of the Principal Act is amended in subsection (2)—
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(a) by substituting the following for paragraph (a):
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“(a) All futures contracts which—
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(i) are unconditional contracts for the acquisition or disposal of any of the instruments referred to in subsection (1) or any other instruments to which this section applies by virtue of any other enactment (whenever enacted),
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(ii) require delivery of the instruments in respect of which the contracts are made, and
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(iii) meet the requirements of paragraph (c) of this subsection,
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shall not be chargeable assets.”,
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and
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(b) by inserting the following after paragraph (b):
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“(c) Where a profit or loss on a futures contract is calculated, either directly or indirectly, by reference to the acquisition cost or disposal proceeds of an instrument to which subparagraph (i) of subsection (2)(a) applies, then—
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(i) that acquisition cost shall be the market value of the instrument at the date of acquisition, and
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(ii) those disposal proceeds shall be the market value of the instrument at the date of disposal.”.
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(2) This section applies to disposals made on or after 4 February 2010.
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