While a bearer security issued by or on behalf of a United Kingdom (UK) company, or stock constituted by or transferable by means of a bearer instrument, is a ‘chargeable security’ for SDRT purposes, the issue of a sterling denominated bearer security is generally outside the scope of a SDRT charge. The reason for no charge is because the issue of a sterling denominated bearer security is chargeable to bearer instrument stamp duty by virtue of FA99/SCH15 **.

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