6(1)Section 90 of the Finance Act 1986 (exceptions from general charge to stamp duty reserve tax) is amended as follows.U.K.
(2)In subsection (3) for paragraph (a) substitute—
“(a)a non-UK bearer instrument;”.
(3)In subsection (3A) for “an inland bearer instrument within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ a UK bearer instrument ”.
(4)In subsection (3B) for “exemption 3 in the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc.) ”.
(5)In subsection (3C) for paragraph (b) substitute—
“(b)stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument by virtue only of the exemption conferred by paragraph 17 of that Schedule (non-sterling bearer instruments); and”.
(6)In subsection (3E) for paragraph (b) substitute—
“(b)stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument—
(i)by virtue only of the exemption conferred by section 79(2) above (bearer instruments relating to loan capital), or
(ii)by virtue only of that provision and paragraph 17 of that Schedule (non-sterling bearer instruments);”.