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6If, in the case of a substitution of policies falling within sub-paragraph (1) or sub-paragraph (3) of paragraph 2 above, the new policy is a qualifying policy, section 394 of the Taxes Act shall have effect with the following modifications:—
(a)the surrender of the rights conferred by the old policy shall not be a chargeable event; and
(b)the new policy shall be treated as having been issued in respect of an insurance made on the day referred to in paragraph 3 above.
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