5(1)Stamp duty is not to be chargeable—
(a)on a transfer scheme; or
(b)on an instrument or agreement certified by the Secretary of State to the Commissioners of Inland Revenue as made for the purposes of a transfer scheme, or as made for purposes connected with such a scheme.
(2)But a transfer scheme, or an instrument or agreement so certified, is to be treated as duly stamped only if—
(a)in accordance with section 12 of the Stamp Act 1891 (c. 39) it has been stamped with a stamp denoting either that it is not chargeable to duty or that it has been duly stamped; or
(b)it is stamped with the duty to which it would be chargeable apart from this paragraph.