Bearer instruments

Part of the debate – in the House of Commons at 9:47 pm on 27 November 2023.

Alert me about debates like this

(6) In section 79 of the Finance Act 1986 (stamp duty: loan capital: new provisions), in subsection (2) —

(a) omit “on the issue of an instrument which relates to loan capital or”;

(b) for “such an instrument” substitute “an instrument which relates to loan capital”.

(7) Section 50 of the Finance Act 1987 (warrants to purchase Government stock etc) is amended as follows —

(a) in subsection (2) —

(i) omit paragraph (a);

(ii) in paragraph (b), for “such an instrument” substitute “an instrument which relates to an interest, right or option within subsection (1)”.

(b) in subsection (3) —

(i) omit paragraph (b);

(ii) in paragraph (c), for “under that Schedule” substitute “under Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments)”.

(8) Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments) is amended as follows—

(a) omit paragraph 1 (charge on issue of instrument) and the italic heading before it;

(b) in paragraph 2 (charge on transfers of stock by means of instrument), in the words before paragraph (a) omit “duty was not chargeable under paragraph 1 on the issue of the instrument and";

(c) in paragraph 4 (1.5% rate of duty) omit “or 6”;

(d) omit paragraph 7 (ascertainment of market value for charge on issue of instrument);

(e) in paragraph 17 (exemption for issue of instruments relating to non-sterling stock), in sub-paragraph (1) —

(i) in the words before paragraph (a) omit “the issue of";

(ii) omit the words after paragraph (b);

(f) omit the italic heading before paragraph 21;

(g) omit paragraph 21 (procedure for stamping instruments where duty chargeable on issue);

(h) omit paragraph 22 (consequences of default in complying with procedure for stamping).