Part II Exemptions
Finance Act 1999 (1999 c 16) | Legislation

Part II Exemptions

[Substitute instruments

12A

(1)ÌýÌýÌýÌý Stamp duty is not chargeable on a substitute instrument.

(2)ÌýÌýÌýÌý A substitute instrument is a bearer instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or otherwise) (“the original instrumentâ€).

(3)ÌýÌýÌýÌý The substitute instrument shall not be treated as duly stamped unless it appears by some stamp .Ìý.Ìý. on it that the full and proper duty has been paid on the original instrument.]

Foreign loan securities

13

Stamp duty is not chargeable on a bearer instrument issued outside the United Kingdom in respect of a loan which is expressed in a currency other than sterling and which is not—

(a)ÌýÌýÌýÌý offered for subscription in the United Kingdom, or

(b)ÌýÌýÌýÌý offered for subscription with a view to an offer for sale in the United Kingdom of securities in respect

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