Part III Stamp Duty and Stamp Duty Reserve Tax
Stamp duty
50Warrants to purchase Government stock, etc.
(1)
Where an interest in, a right to an allotment of or to subscribe for, or an option to acquire F1 or to dispose of, exempt securities is transferred to or vested in any person by any instrument, no stamp duty shall be chargeable on the instrument by virtue of either of the following headings in Schedule 1 to the Stamp Act 1891 F2 —
(a)
“Conveyance or Transfer on Sale”;
(b)
“Conveyance or Transfer of any kind not hereinbefore described”.
(2)
No stamp duty under the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 shall be chargeable —
(a)
on the issue of an instrument which relates to such an interest, right or option as is mentioned in subsection (1) above, or
(b)
on the transfer of the interest, right or option constituted by, or transferable by means of, such an instrument.
(3)
For the purposes of this section, “exempt securities” means —
(a)
securities the transfer of which is exempt from all stamp duties,
(b)
securities constituted by or transferable by means of an instrument the issue of which is by virtue of section 30 of the Finance Act 1967 F3 or section 7 of the Finance Act (Northern Ireland) 1967 F4F5 or section 79(2) of the Finance Act 1986 exempt from stamp duty under the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 F6, or
(c)
securities the transfer of which is exempt by virtue of section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967 F7 or section 79(2) of the Finance Act 1986 from stamp duty under that heading;
and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 F8.
(4)
Subsection (1) above applies to any instrument executed on or after 1st August 1987.
(5)
Subsection (2) above applies —
(a)
to any instrument which falls within section 60(1) of the Finance Act 1963, or section 9(1 )(a) of the Finance Act (Northern Ireland) 1963, and is issued on or after 1st August 1987, and