Disguised, in its present form (4,7)

I believe the answer is:

gift wrapped

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'disguised in its' is the definition.
I can't tell whether this definition defines the answer.

'present form' is the wordplay.
'present' becomes 'gift' (synonyms).
'form' becomes 'wrapped' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'gift'+'wrapped'='GIFT-WRAPPED'

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I've seen this clue in the Evening Standard.

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