The issue of a United Kingdom (UK) bearer instrument denominated in currency other than sterling is not subject to a stamp duty charge by virtue of FA99/SCH15/PARA17. Furthermore, no charge to stamp duty arises when a bearer instrument is issued to a depositary receipt scheme or a clearance service because no instrument of transfer is required.

Similarly, no 1.5 per cent Stamp Duty Reserve Tax (SDRT) charge under the provisions of FA86/S93 or FA86/S96 will generally arise on the issue, transfer or appropriation of a UK bearer instrument denominated in currency other than in sterling that is deposited with a depositary receipt scheme i.e. a depositary bank, or a clearance service.

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