Stamp Duties Consolidation Act 1999 section 64

Instruments passing by delivery in pursuance of usage

Section 64 deemed an instrument that passed the right to shares or stock by mere delivery, in line with market usage, to be a bearer instrument for stamp duty purposes; it has since been repealed by Finance Act 2017 section 82 and Schedule 2 para 3(b).

• It applied to an instrument used to assign, transfer or negotiate the right to any share or stock.
• It applied only where market usage treated delivery of that share or stock as sufficient to complete a sale on the market.
• In those circumstances the instrument was deemed to be an instrument to bearer, whether or not delivery amounted to a legal assignment, transfer or negotiation.
• The delivery of the share or stock was itself deemed to be an assignment, transfer or negotiation.