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42(1)  Stamp duty under Part I of Schedule 13 to the Finance Act 1999 (transfer on sale), shall not be chargeable on an instrument to which this section applies:

Provided that no such instrument shall be deemed to be duly stamped unless either it is stamped with the duty to which it would but for this section be liable, or it has in accordance with the provisions of section twelve of the said Act been stamped with a particular stamp denoting either that it is not chargeable with any duty or that it is duly stamped.

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