Document ID: chunk:federal_register_of_legislation:C2025C00014:section:23k:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 23K (pt 2/2)
Character Range: 156720–158266

another security; and
 (b) the terms and conditions provided for by the securities are otherwise identical in all material respects;
the following provisions have effect:
 (c) if the days on which the interest is payable are separated by an interval not exceeding 31 days—the terms and conditions provided for by the 2 securities shall, for the purposes of paragraph (2)(b), be taken to be identical in all material respects; and
 (d) in any other case—the terms and conditions provided for by the 2 securities shall, for the purposes of paragraph (2)(b), be taken not to be identical in all material respects.
 (5) Where, on or after 8 August 1984, a central borrowing authority issued or issues a security (in this subsection referred to as the substituted security) to a taxpayer in substitution for another security (in this subsection referred to as the original security) held by the taxpayer that was issued by a public authority other than the central borrowing authority:
 (a) the substituted security shall, for the purposes of this Act, be deemed to be a continuation of the original security on the terms and conditions provided for by the substituted security; and
 (b) no amount shall, in respect of the issue of the substituted security or the surrender, transfer, replacement or substitution of the original security, be included in, allowable as a deduction from or taken into account in ascertaining any amount included in or allowable as a deduction from, the assessable income of any taxpayer in respect of any year of income.