Stamp Duties Consolidation Act 1999 section 57

Charging of duty on mortgages, etc

Section 57 set out how securities relating to stock and to certain repayment arrangements were charged to stamp duty as mortgages, and it prevented duty being charged twice on the same secured amount. It was deleted by Finance Act 2007 from 7 December 2006.

• A security for the transfer or retransfer of stock was charged the same duty as a money security for a sum equal to the value of that stock.
• A security for repaying a rentcharge, annuity or periodical payment (to discharge a loan or advance) was charged the same duty as a money security for the amount lent.
• A transfer of an already stamped security, or a further charge added to a previously secured amount, attracted no additional duty.
• A mortgage already charged ad valorem bore no further duty simply because the equity of redemption was dealt with, other than in favour of a purchaser.