SCHEDULES

SCHEDULE 16 Stamp duty: amendments consequential on section 113

Finance Act 1988 (c.39)

11

1

Section 143 of the Finance Act 1988 (paired shares) is amended as follows.

2

For subsection (2) substitute—

2

In relation to an instrument to which this subsection applies, no duty is chargeable under paragraph 1 of Schedule 15 to the Finance Act 1999 (bearer instruments: charge on issue); but this does not affect the other requirements of that Schedule.

3

In subsection (3) for “This subsection applies” substitute “ Subsection (2) above applies ”.

4

For subsection (4) substitute—

4

In relation to an instrument to which this subsection applies—

a

the foreign company shall be treated for the purposes of Schedule 15 to the Finance Act 1999 (stamp duty on bearer instruments) as a UK company, and

b

paragraph 17 of that Schedule (exemption for non-sterling instruments) shall not apply.

5

In subsection (5) for “This subsection applies” substitute “ Subsection (4) above applies ”.