REVENUE & CUSTOMS BOND
Duty Deferment guarantee – a guarantee to Revenue and Customs for the payment of duty and taxes. A Deferred Payment authorisation allows traders to defer payment of duties and taxes. In all instances lodgement of a guarantee and compliance with the conditions of the authorisation is required. The authorisation allows the approved trader to pay the duties/taxes due by direct debit on a date in the month following the transactions. Excise Traders operating from a warehouse must operate on a deferred basis only.
Warehouse Bond – a guarantee required by Revenue & Customs for bonded warehouses. A bonded warehouse, or bond, is a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. It may be managed by the state or by private enterprise. In the latter case a customs bond must be provided with Revenue being the beneficiary.
See Revenue for further guidance.