117 Scope of exceptions for certain bearer instruments
Finance Act 1999 (1999 c 16) | Legislation

117  Scope of exceptions for certain bearer instruments

(1) In section 95(2) of the Finance Act 1986 (bearer instruments excepted from charge on entry into depositary receipt system), for paragraph (b) (one of the categories of instrument to which the exception does not apply) substitute—

“() an instrument within the stamp duty exemption for non-sterling instruments which—

(i) does not raise new capital, and

(ii) is not issued in exchange for an instrument raising new capital.”.

(2) After that subsection insert—

“(2) For the purpose of subsection (2)(b)—

(a) an instrument is regarded as raising new capital only if the condition in subsection (2B) is met, and

(b) an instrument is regarded as issued in exchange for an instrument raising new capital only if the conditions in subsection (2C) are met.

(2B) The condition mentioned in subsection (2A)(a) is that the instrument—

(a) is issued in conjunction with—

(i) the issue of relevant securities for which only cash is subscribed, or

(ii) the granting of rights to subscribe for relevant securities which are granted for a cash consideration only

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