Finance Act, 1973

Amendment of section 88 of Stamp Act, 1891

63.—Section 88 of the Stamp Act, 1891, is hereby amended by the substitution of the following subsection for subsection (2):

“(2) As respects an instrument executed on or after the 1st day of June, 1973, or deemed by virtue of this subsection to be a new and separate instrument executed on or after the 1st day of June, 1973, where such total amount is unlimited, the security shall—

(a) if unstamped, or if stamped with ad valorem duty to cover an amount not exceeding £10,000, be available only for £10,000, and

(b) if stamped with ad valorem duty to cover an amount exceeding £10,000, be available for such amount only;

but where any advance or loan is made in excess of £10,000 or such greater amount as may be covered by that duty, the security shall, for the purpose of stamp duty, be deemed to be a new and separate instrument, executed on the day on which the advance or loan is made”.