79 Loan capital: new provisions
Finance Act 1986 (1986 c 41) | Legislation

79  Loan capital: new provisions

(1)ÌýÌýÌýÌý . . .

(2)ÌýÌýÌýÌý Stamp duty under [Schedule 15 to the Finance Act 1999 (bearer instruments)] shall not be chargeable . . . on the transfer of the loan capital constituted by, or transferable by means of, [an instrument which relates to loan capital].

(3)ÌýÌýÌýÌý Stamp duty shall not be chargeable on an instrument which transfers loan capital issued or raised by—

(a)ÌýÌýÌýÌý the financial support fund of the Organisation for Economic Co-operation and Development,

(b)ÌýÌýÌýÌý the Inter-American Development Bank, or

(c)ÌýÌýÌýÌý an organisation which was a designated international organisation at the time of the transfer (whether or not it was such an organisation at the time the loan capital was issued or raised).

(4)ÌýÌýÌýÌý Subject to subsections (5) and (6) below, stamp duty shall not be chargeable on an instrument which transfers any other loan capital.

(5)ÌýÌýÌýÌý Subsection (4) above does not apply to an instrument transferring loan capital which, at the time the instrument is executed, carries a right (exercisable then or later) of conversion into shares or other securities, or to the acquisition of shares or other securities,

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