Finance Act 1987

50 Warrants to purchase Government stock, etc. U.K.

(1) Where an interest in, a right to an allotment of or to subscribe for, or an option to acquire [F1 or to dispose of], exempt securities is transferred to or vested in any person by any instrument, no stamp duty shall be chargeable on the instrument by virtue of [F2 Part I F3 ..., of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise)]

(2) No stamp duty under [F4 Schedule 15 to the Finance Act 1999 (bearer instruments)] shall be chargeable —

(a) on the issue of an instrument which relates to such an interest, right or option as is mentioned in subsection (1) above, or

(b) on the transfer of the interest, right or option constituted by, or transferable by means of, such an instrument.

(3) For the purposes of this section, “exempt securities” means —

(a) securities the transfer of which is exempt from all stamp duties,

(b) securities constituted by or transferable by means of an instrument the issue of which is by virtue of section 30 of the Finance Act 1967 F5 or section 7 of the Finance Act (Northern Ireland) 1967 F6 [F7 or section 79(2) of the Finance Act 1986] exempt from stamp duty under the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 F8 , or

(c) securities the transfer of which is exempt by virtue of section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967 [F9 or section 79(2) of the Finance Act 1986] from stamp duty under that heading;

and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 F10 .

(4) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 50(1) words inserted by 1987 c. 51 s. 99(1)

F2 Words in s. 50(1) substituted (with effect in accordance with s. 112(6) of the amending Act) by Finance Act 1999 (c. 16) ss. 112(4), 122, {Sch. 14 para. 21}

F3 Words in s. 50(1) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 17

F4 Words in s. 50(2) substituted (with application in accordance with s. 113(4) of the amending Act) by Finance Act 1999 (c. 16) s. 113(3), {Sch. 16 para. 10}

F5 1967 c. 54.

F6 1967 c. 20 (N. I.).

F7 S. 50(3) words inserted by 1987 c. 51 s. 99(2)

F8 1891 c. 39.

F9 S. 50 (3) words inserted by 1987 c. 51 s. 99(2)

F10 1986 c. 41.

F11 S. 50(4)(5) repealed (with effect as mentioned in Sch. 20 Pt. V(2) notes 1, 2 of the amending Act) by Finance Act 1999 (c. 16) s. 138, {Sch. 20 Pt. V(5)}