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HMRC internal manual

Holding and Movements - Financial Securities Assurance

From
HM Revenue & Customs
Updated
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Premises guarantees: Do we offer reductions on existing premises guarantees?

 

Yes – Principals who have an existing premises guarantee may apply for reductions in the size of the guarantee, a reduction should only be allowed when the Principal meets the following criteria:

  • The Principal has provided security for the previous two consecutive years. No claim has been made against security and no significant irregularities have been identified in operation of the warehouse.

The level of the security would be reduced by 50%.

Where the Principal meets the criteria for a reduction in the level of security and the new security required would be less than £100,000, no security is required.

  • The Principal has provided security for the previous 4 consecutive years. No claim has been made against security and no significant irregularities have been identified in operation of the warehouse.

The level of the security would be reduced to zero