(1) In this section "intellectual property" means a specified intangible asset within the meaning of section 291A(1) of the Taxes Consolidation Act 1997.
(2) Subject to subsection (3), stamp duty shall not be chargeable under or by reference to any heading in Schedule 1 on an instrument for the sale, transfer or other disposition of intellectual property.
(3) Where stamp duty is chargeable on an instrument under or by reference to any heading in Schedule 1 and part of the property concerned consists of intellectual property -
(a) the consideration in respect of which stamp duty would otherwise be chargeable shall be apportioned, on such basis as is just and reasonable, as between the part of the property which consists of intellectual property and the part which does not, and
(b) the instrument shall be chargeable only in respect of the consideration attributable to such of the property as is not intellectual property.
(4) [deleted]
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