Bearer instruments: procedures for denoting and stamping bearer instruments: Processing and stamping substitute bearer instrument
Subject to being satisfied that a substitute bearer instrument dated on or after 13 March 2008 replaces a similar but earlier instrument upon which ad valorem stamp duty was paid (under FA99/SCH15 or otherwise) as described in STSM065030, HM Revenue & Customs, Stamp Taxes, will undertake the following stamping process procedures:
- The original stamped bearer instrument impressed with the bearer instrument denoting Stamp will be cancelled with a rubber ‘cancelled’ stamp, or where only part of the instrument is to be substituted, the instrument will be endorsed with the rubber stamp ‘substituted in part’ and the amount substituted and the serial number(s) of the new instrument endorsed in ink;
- The substitute bearer instrument will be impressed with a particular stamp denoting that it has been produced to HMRC Stamp Taxes.
Upon completion of the stamping process, the original and substituted bearer instruments will be returned to the original sender by second class post.