– in the House of Commons am 9:47 pm ar 27 Tachwedd 2023.
(6) In section 79 of the Finance Act 1986 (stamp duty: loan capital: new provisions), in subsection (2) —
(a) omit “on the issue of an instrument which relates to loan capital or”;
(b) for “such an instrument” substitute “an instrument which relates to loan capital”.
(7) Section 50 of the Finance Act 1987 (warrants to purchase Government stock etc) is amended as follows —
(a) in subsection (2) —
(i) omit paragraph (a);
(ii) in paragraph (b), for “such an instrument” substitute “an instrument which relates to an interest, right or option within subsection (1)”.
(b) in subsection (3) —
(i) omit paragraph (b);
(ii) in paragraph (c), for “under that Schedule” substitute “under Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments)”.
(8) Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments) is amended as follows—
(a) omit paragraph 1 (charge on issue of instrument) and the italic heading before it;
(b) in paragraph 2 (charge on transfers of stock by means of instrument), in the words before paragraph (a) omit “duty was not chargeable under paragraph 1 on the issue of the instrument and";
(c) in paragraph 4 (1.5% rate of duty) omit “or 6”;
(d) omit paragraph 7 (ascertainment of market value for charge on issue of instrument);
(e) in paragraph 17 (exemption for issue of instruments relating to non-sterling stock), in sub-paragraph (1) —
(i) in the words before paragraph (a) omit “the issue of";
(ii) omit the words after paragraph (b);
(f) omit the italic heading before paragraph 21;
(g) omit paragraph 21 (procedure for stamping instruments where duty chargeable on issue);
(h) omit paragraph 22 (consequences of default in complying with procedure for stamping).