(1) In this section 'greenhouse gas emissions allowance' means carbon offsets within the meaning of section 110(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 a greenhouse gas emissions allowance.
(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 greenhouse gas emissions allowance -
(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 greenhouse gas emissions allowance 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 greenhouse gas emissions allowance.
(4) [dele
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