(1) In this section 'payment entitlement' has the same meaning as it has for the purposes of Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 [OJ No. L435, 6.12.2021, p.1].
(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 a payment entitlement.
(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 a payment entitlement -
(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 a payment entitlement 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 a payment entitlement.
(4) [d
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