In the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 M1, in column (2) (duty on certain overseas bearer instruments twice the transfer duty) for the word “twice” there shall be substituted the words “ three times ”.

The following shall be inserted at the end of section 59(3) of the Finance Act 1963 (meaning of “transfer duty” for purposes of “Bearer Instrument” heading)— “ ; and the instrument so postulated shall be taken to transfer the stock on the day of issue or transfer (depending on whether section 60(1) or (2) of this Act applies) and to be executed in pursuance of a contract made on that day. ”

The following shall be inserted at the end of section 8(3) of the Finance Act (Northern Ireland) 1963 (equivalent provision for Northern Ireland)— “ ; and the instrument so postulated shall be taken to transfer the stock on the day of issue or transfer (depending on whether paragraph (a) or (b) of section 9(1) applies) and to be executed in pursuance of a contract made on that day. ”

This section applies to any instrument which falls within section 60(1) of the Finance Act 1963 M2 and is issued on or after the day of The Stock Exchange reforms.

This section applies to any instrument which falls within section 60(2) of that Act if the stock constituted by or transferable by means of it is transferred on or after the day of The Stock Exchange reforms.

In this section “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.

In subsection (4) above the reference to section 60(1) of the Finance Act 1963 includes a reference to section 9(1 )(a) of the Finance Act (Northern Ireland) 1963 M3 and in subsection (5) above the reference to section 60(2) of the former Act includes a reference to section 9(1)(b) of the latter.