165(1)This paragraph applies if—U.K.
(a)any person holds any gilt-edged securities in relation to which a direction was given under section 50(1) of ICTA at any time before 6 April 1998, and
(b)that person at any time before that date made an application under section 50(2) of that Act with respect to those securities.
(2)The person is treated as having made a deduction at source application under section 895 in respect of the securities which (unless withdrawn) is treated as having effect from that date.