Stamp duty is chargeable on the issue of a bearer instrument in the United Kingdom, and on the issue of a bearer instrument outside the United Kingdom by or on behalf of a UK company1, at the rate of 1.5 per cent of the market value of the stock constituted by, or transferable by means of, the instrument2. If a bearer instrument was not so charged to duty on its issue, stamp duty is chargeable on the transfer in the United Kingdom of the stock constituted by or transferable by means of that instrument at the rate of 1.5
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