FA 1986, s. 90(3A) provides that the principal charge to SDRT is not to apply to an agreement to transfer securities constituted by or transferable by means of a UK bearer instrument, except where the instrument:

has been issued by a body corporate incorporated in the United Kingdom (other than an SE that has transferred its registered office outside the United Kingdom under EC Reg. 2157/01, art. 8;

is a non-sterling bearer instrument stamp duty on the issue of which was not chargeable for that reason under FA 1999, Sch. 15, para. 17 (see ¶400-400); and

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