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PART IV |
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GENERAL EXEMPTIONS |
| | 1. The following are exempt from stamp duty under this Schedule-
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(a) transfers of shares in the government or parliamentary stocks or funds or strips (within the meaning of section 47 of the Finance Act 1942) of such stocks or funds; |
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(b) instruments for the sale, transfer, or other disposition (absolutely or otherwise) of any ship or vessel, or any part, interest, share or property of or in a ship or vessel; |
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(c) testaments, testamentary instruments and dispositions mortis causa in Scotland; |
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(d) renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue. |
| | 2. Stamp duty is not chargeable under this Schedule on any description of instrument in respect of which duty was abolished by-
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(a) section 64 of the Finance Act 1971 or section 5 of the Finance Act (Northern Ireland) 1971 (abolition of duty on mortgages, bonds, debentures etc.), or |
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(b) section 173 of the Finance Act 1989 (life insurance policies and superannuation annuities). |
| | 3. Nothing in this Schedule affects any other enactment conferring exemption or relief from stamp duty.
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