[F1Substitute instrumentsU.K.
Textual Amendments
F1Sch. 15 para. 12A and cross-heading inserted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 11(3)
12A(1)Stamp duty is not chargeable on a substitute instrument.U.K.
(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 F2... on it that the full and proper duty has been paid on the original instrument.]
Textual Amendments
F2Word in Sch. 15 para. 12A(3) omitted (22.4.2019) by virtue of The Stamp Duty (Method of Denoting Duty) Regulations 2019 (S.I. 2019/719), regs. 1, 4(a)(ii)