Stamp duty is, in principle, chargeable, subject to exemptions, on the issue in the United Kingdom of a bearer instrument relating to stock denominated solely in sterling and on the issue outside the United Kingdom of such a bearer instrument by or on behalf of a UK company (FA 1999, Sch. 15, para. 1, 17). Bearer instruments relating to stock denominated in a foreign currency (including, therefore, the euro) or to stocks denominated in more than one currency, whether or not sterling is one of those currencies, are exempt both on issue and on transfer (FA 1999, Sch. 15, para. 17).

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