Flop, tax-free scheme rejected already (2,2,2)

I believe the answer is:

as it is

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'already' is the definition.
(as it is means as things are currently)

I can't explain the rest of the clue.

(Other definitions for as it is that I've seen before include "In the current state of affairs" , "In the existing circumstances" , "In current circumstances, the way things are" , "Like now" , "In the present circumstances" .)

I've seen this clue in The Telegraph.

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