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HMRC internal manual

Corporate Finance Manual

From
HM Revenue & Customs
Updated
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Loan relationships: special types of security: funding bonds: processing a repayment claim that is to be satisfied by funding bond

The procedure for processing a repayment claim using funding bonds

All funding bonds paid over to HMRC are held centrally by the Funding Bond Section. Once you are aware that the repayment claim involves funding bonds, you should contact the Funding Bond Section (HMRC Finance - Trust Statement team, 9t h Floor, Alexander House, 21 Victoria Avenue, Southend on sea, Essex, SS99 1AA) to ensure that the funding bonds held by HMRC are suitable to satisfy the repayment claim, for example, that the denomination of the funding bond is appropriate. If the funding bond is not suitable then the Funding Bond Section will contact the issuing company to request that the funding bond held by HMRC is divided to enable HMRC to satisfy the repayment claim - see CFM37500.

If the funding bond is suitable to satisfy the repayment claim then the appropriate part of the funding bond will be returned to the creditor making the repayment claim. The office handling the funding bond repayment claim should authorise the Funding Bond Section to return the appropriate part of the funding bond to the claimant. The Funding Bond Section will then send the appropriate part of the funding bond direct to the claimant or the claimant’s authorised representative.