The two remaining heads of charge to stamp duty are FA 1999, Sch. 13 and Sch. 15. FA 1999, Sch. 15 is the charge on bearer instruments, whereas FA 1999, Sch. 13 contains the charge on instruments other than bearer instruments. FA 2003, s. 125(1) provides that stamp duty is to be chargeable under FA 1999, Sch. 13 only on instruments relating to stock or marketable securities.

Unlike ‘instrument’, ‘stock’ has a fairly lengthy definition in SA 1891, s. 122(1), which is worth quoting in full:

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