SUBSTITUTE INSTRUMENTS

Related Commentary  Related HMRC Manuals

12A(1)  Stamp duty is not chargeable on a substitute instrument.

12A(2)  A substitute instrument is a bearer instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or otherwise) (“the original instrument”).

12A(3)  The substitute instrument shall not be treated as duly stamped unless it appears by some stamp on it that the full and proper duty has been paid on the original instrument.

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