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HMRC internal manual

Holding and Movements - Financial Securities Assurance

Movement guarantees: Claims made after reduction of the guarantee

Where a claim is made against a (reduced level) security, notice of lapsing andsubsequent cancellation of the guarantee will be given to the guarantor and Principal. Theconsidered liability of the replacement security will be affected by the claim.Irrespective of any reductions granted, where a claim is made against a guarantee, thelevel of cover provided by the replacement guarantee will revert to 100%.