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 F2Part I F3..., of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise)

(2)

No stamp duty under F4Schedule 15 to the Finance Act 1999 (bearer instruments) shall be chargeable —

F5(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

on the transfer of the interest, right or option constituted by, or transferable by means of, F6an instrument which relates to an interest, right or option within subsection (1).

(3)

For the purposes of this section, “exempt securities” means —

(a)

securities the transfer of which is exempt from all stamp duties,

F7(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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 F8 or section 79(2) of the Finance Act 1986 from stamp duty F9under Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments);

and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 F10.

(4)

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .