Finance Act 1999

Part IV U.K. General exemptions

24 U.K. The following are exempt from stamp duty under this Schedule—

(a) transfers of shares in the government or parliamentary stocks or funds or strips (within the meaning of section 47 of the M1 Finance Act 1942) of such stocks or funds;

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) testaments, testamentary instruments and dispositionsmortis causa in Scotland;

(d) renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue.

Textual Amendments

F1 Sch. 13 para. 24(b) repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 7(1)

Marginal Citations

M1 1942 c.21.

25 U.K. Stamp duty is not chargeable under this Schedule on any description of instrument in respect of which duty was abolished by—

(a) section 64 of the M2 Finance Act 1971 or section 5 of the M3 Finance Act (Northern Ireland) 1971 (abolition of duty on mortgages, bonds, debentures etc.), or

(b) section 173 of the M4 Finance Act 1989 (life insurance policies and superannuation annuities).

Marginal Citations

M2 1971 c.68.

M3 1971 c.27(N.I.).

M4 1989 c.26.

[F2 25A (1) Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule on — U.K.

(a) the transfer of stock, marketable securities or an interest in a partnership to a depositary under an authorised contractual scheme, to be held as part of the property subject to the scheme, in exchange for the issue of units in the scheme (and for no other consideration);

(b) transfers between depositaries under the same authorised contractual scheme;

(c) the transfer of units in an authorised contractual scheme.

(2) In sub-paragraph (1), “authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000 and “depositary” and “units” have the meaning given in section 237(2) of that Act.

(3) This paragraph shall not apply where the transfer forms part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of stamp duty or stamp duty reserve tax.]

Textual Amendments

F2 Sch. 13 para. 25A inserted (28.6.2013) by The Stamp Duty and Stamp Duty Reserve Tax (Collective Investment Schemes) (Exemptions) Regulations 2013 (S.I. 2013/1401), regs. 1, 5

26 U.K. Nothing in this Schedule affects any other enactment conferring exemption or relief from stamp duty.