Finance Act 1999

Part IVU.K. General exemptions

24U.K.The following are exempt from stamp duty under this Schedule—

(a)transfers of shares in the government or parliamentary stocks or funds or strips (within the meaning of section 47 of the M1Finance Act 1942) of such stocks or funds;

F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)testaments, testamentary instruments and dispositionsmortis causa in Scotland;

(d)renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue.

Textual Amendments

F1Sch. 13 para. 24(b) repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 7(1)

Marginal Citations

25U.K.Stamp duty is not chargeable under this Schedule on any description of instrument in respect of which duty was abolished by—

(a)section 64 of the M2Finance Act 1971 or section 5 of the M3Finance Act (Northern Ireland) 1971 (abolition of duty on mortgages, bonds, debentures etc.), or

(b)section 173 of the M4Finance Act 1989 (life insurance policies and superannuation annuities).

Marginal Citations

M31971 c.27(N.I.).

[F225A(1)Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule F3... —U.K.

(a)[F4on] the transfer of stock, marketable securities or an interest in a partnership to a depositary under [F5a co-ownership] contractual scheme, to be held as part of the property subject to the scheme, in exchange for the issue of units in the scheme (and for no other consideration);

[F6(b)in relation to a co-ownership contractual umbrella scheme, on transfers between sub-schemes;]

(c)[F7on] the transfer of units in [F8a co-ownership] contractual scheme.

[F9(1A)In sub-paragraph (1) and this sub-paragraph—

  • “authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;

  • “co-ownership contractual scheme” means—

    (a)

    an authorised contractual scheme, or

    (b)

    a Reserved Investor Fund (Contractual Scheme);

  • “co-ownership contractual umbrella scheme” means a co-ownership contractual scheme—

    (a)

    which provides arrangements for separate pooling of the contributions of participants and of the profits or income out of which payments are to be made to them, and

    (b)

    under which the participants are entitled to exchange rights in one pool for rights in another;

  • “depositary” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000;

  • “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024;

  • “sub-scheme”, in relation to a contractual umbrella scheme, means such of the arrangements as relate to a separate pool;

  • “units” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000.]

F10(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)This paragraph shall not apply where the transfer forms part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of stamp duty or stamp duty reserve tax.]

Textual Amendments

F3Word in Sch. 13 para. 25A(1) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(a) (with reg. 63)

F4Word in Sch. 13 para. 25A(1)(a) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(i) (with reg. 63)

F5Words in Sch. 13 para. 25A(1)(a) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(ii) (with reg. 63)

F7Word in Sch. 13 para. 25A(1)(c) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(i) (with reg. 63)

F8Words in Sch. 13 para. 25A(1)(c) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(ii) (with reg. 63)

26U.K.Nothing in this Schedule affects any other enactment conferring exemption or relief from stamp duty.