SCHEDULES
SCHEDULE 16 Stamp duty: amendments consequential on section 113
Finance Act 1988 (c.39)
11
1
Section 143 of the Finance Act 1988 (paired shares) is amended as follows.
2
For subsection (2) substitute—
2
In relation to an instrument to which this subsection applies, no duty is chargeable under paragraph 1 of Schedule 15 to the Finance Act 1999 (bearer instruments: charge on issue); but this does not affect the other requirements of that Schedule.
3
In subsection (3) for “This subsection applies” substitute “
Subsection (2) above applies
”
.
4
For subsection (4) substitute—
4
In relation to an instrument to which this subsection applies—
a
the foreign company shall be treated for the purposes of Schedule 15 to the Finance Act 1999 (stamp duty on bearer instruments) as a UK company, and
b
paragraph 17 of that Schedule (exemption for non-sterling instruments) shall not apply.
5
In subsection (5) for “This subsection applies” substitute “
Subsection (4) above applies
”
.