SCHEDULE 15 Stamp duty: bearer instruments
Part II Exemptions
Instruments relating to non-sterling stock
17
(1)
Stamp duty is not chargeable under this Schedule on the issue of an instrument which relates to stock expressed—
(a)
in a currency other than sterling, or
(b)
in units of account defined by reference to more than one currency (whether or not including sterling),
or on the transfer of the stock constituted by or transferable by means of any such instrument.
(2)
Where the stock to which the instrument relates consists of a loan for the repayment of which there is an option between sterling and one or more other currencies, sub-paragraph (1) applies if the option is exercisable only by the holder of the stock and does not apply in any other case.
18
Where the capital stock of a company is not expressed in terms of any currency, it shall be treated for the purposes of paragraph 17 as expressed in the currency of the territory under the law of which the company is formed or established.
19
(1)
A unit under a unit trust scheme or a share in a foreign mutual fund shall be treated for the purposes of paragraph 17 as capital stock of a company formed or established in the territory by the law of which the scheme or fund is governed.
(2)
A “foreign mutual fund” means a fund administered under arrangements governed by the law of a territory outside the United Kingdom under which subscribers to the fund are entitled to participate in, or receive payments by reference to, profits or income arising to the fund from the acquisition, holding, management or disposal of investments.
(3)
In relation to a foreign mutual fund “” means the right of a subscriber, or of another in his right, to participate in or receive payments by reference to profits or income so arising.