# Finance Act 1999, Paragraph 12A

Extent: E+W+S+N.I.

(1) Stamp duty is not chargeable on a substitute instrument.
(2) A substitute instrument is a bearer instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or otherwise) (“the original instrument”).
(3) The substitute instrument shall not be treated as duly stamped unless it appears by some stamp ... on it that the full and proper duty has been paid on the original instrument.

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Source: https://www.legislation.gov.uk/ukpga/1999/16/schedule/15/paragraph/12A (the official version)
Page: https://openlegislation.uk/finance-act-1999/schedule-15/paragraph-12A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.