SCHEDULES
C1 SCHEDULE 15 Stamp duty: bearer instruments
Part III Supplementary provisions
F2...
Sch. 15 para. 21 cross-heading omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(7)
F321
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F422
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Duty chargeable on transfer of stock by means of instrument
23
1
This paragraph applies where duty is chargeable under paragraph 2 of this Schedule.
2
Where the instrument is presented to the Commissioners for stamping—
a
the person presenting it, and
b
the owner of the instrument,
shall furnish to the Commissioners such particulars in writing as the Commissioners may require for determining the amount of duty chargeable.
3
If the instrument is not duly stamped each person who in the United Kingdom—
a
transfers any stock by or by means of the instrument, or
b
is concerned as broker or agent in any such transfer,
is liable to a penalty not exceeding the aggregate of £300 and the amount of duty chargeable.
4
Those persons are also jointly and severally liable to pay to Her Majesty—
a
the duty chargeable, and
b
interest on the unpaid duty from the date of the transfer in question until the duty is paid.
Supplementary provisions as to interest
24
1
The following provisions apply to interest under paragraph 22(2) or 23(4).
2
If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount.
3
4
The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5.
No interest is payable if the amount is less than £25.
5
The interest shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes.
Penalty for false statement
25
A person who in furnishing particulars under this Part of this Schedule wilfully or negligently furnishes particulars that are false in any material respect is liable to a penalty not exceeding the aggregate of £300 and twice the amount by which the stamp duty chargeable exceeds that paid.
26
An instrument in respect of which duty is chargeable under paragraph 2 of this Schedule which—
a
has been stampedad valorem, F1...
F1b
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
shall be treated as duly stamped for all purposes other than paragraph 25.
Sch. 15 modified (27.7.1999 with effect as mentioned in s. 113(4) of 1999 c. 16) by 1988 c. 39, s. 143(4)(a) (as inserted (27.7.1999 with effect as mentioned in s. 113(4) of the amending Act) by 1999 c. 16, s. 113(3), Sch. 16 para. 11)