Charge on transfer of stock by means of instrumentU.K.
2U.K.Stamp duty is chargeable on the transfer in the United Kingdom of the stock constituted by or transferable by means of a bearer instrument if duty was not chargeable under paragraph 1 on the issue of the instrument and—
(a)duty would be chargeable under Part I of Schedule 13 (conveyance or transfer on sale) if the transfer were effected by an instrument other than a bearer instrument, or
(b)the stock constituted by or transferable by means of a bearer instrument consists of units under a unit trust scheme.