Stamp Duties Consolidation Act 1999 section 58

Section 58 set out how stamp duty applied to a security given for money to be lent or advanced in the future. Itwas deleted by Finance Act 2007 section 100(1)(c) for instruments executed on or after 7 December 2006.

• A security for money to be lent or advanced was charged with the same duty as a security for that amount where the total secured was in any way limited.
• Where the amount secured was unlimited, the security was only available for the amount its ad valorem duty had actually paid for, subject to a £20,000 floor.
• An advance made in excess of the amount covered by the duty was deemed to be a new and separate instrument, executed on the day the advance was made.
• Money advanced to insure or maintain property, life policies or leases comprised in the security was left out of the amount on which ad valorem duty was charged.