Finance Act 2008, Paragraph 11 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
11(1)Schedule 15 (stamp duty: bearer instruments) is amended as follows.U.K.
(2)Omit paragraph 6 (fixed duty on instrument given in substitution for a like instrument stamped ad valorem).
(3)At the beginning of Part 2 (exemptions) insert—
12A(1)Stamp duty is not chargeable on a substitute instrument.
(2)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 instrument”).
(3)The substitute instrument shall not be treated as duly stamped unless it appears by some stamp impressed on it that the full and proper duty has been paid on the original instrument.”
(4)In paragraph 20 (variation of original terms or conditions), for paragraph (b) substitute—
“(b)has been stamped in accordance with paragraph 12A, or”.
(5)In paragraph 26 (instruments treated as duly stamped), omit paragraph (b) (and the “or” before it).
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