(1) Duty under this Act is not chargeable in respect of a mortgage to the
extent that it is a mortgage over the interest of a person in a
pool of mortgages relating to debt securities that are mortgage-backed
securities issued by the person to secure the repayment of financial
accommodation provided to the person.
(2) Duty under this Act is not
chargeable in respect of a mortgage to the extent that it is a mortgage of a
mortgage or pool of mortgages or part of a pool of mortgages in connection
with creating, issuing, marketing or securing a mortgage-backed security.
(3)
Duty under this Act is not chargeable in respect of a transaction or
instrument to the extent that it is, or effects--
(4) Duty under this Act is not
chargeable in respect of a mortgage executed on or after 1 July 1998 to the
extent that it is a mortgage of a mortgage or pool of mortgages or part of a
pool of mortgages for the purpose of creating, issuing, marketing or securing
a mortgage-backed security--
(5) In this section, and in the definitions of
"mortgage-backed security" and
"pool of mortgages" in the Dictionary, a reference to a mortgage includes a
reference to a charge.
Note : "Mortgage-backed security" and
"pool of mortgages" are defined in the Dictionary.