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(1)This section applies where—
(a)a qualifying company enters into a currency contract (the first contract), and
(b)the company closes out that contract by entering into another currency contract (the second contract) with rights and duties which are reciprocal to those under the first contract.
(2)For the purposes of this Chapter the company shall be treated as ceasing, at the time it enters into the second contract, to be entitled to rights and subject to duties under the first contract without having received or made payment of any currency in pursuance of the first contract.
(3)For the purposes of this Chapter the second contract shall be ignored (except in applying the preceding provisions of this section).
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