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HMRC internal manual

Oils Technical Manual

From
HM Revenue & Customs
Updated
, see all updates

Gains and Losses shown in trade records: Undue variation in gain or loss

From the records they keep for their own use, traders should be able to identify anyabnormal losses and bring these to the attention of their Local Officer.

All records which ware-housekeepers and producers keep of the oil on their approved orentered premises must be made available for official examination and extraction of anyparticulars when required.

Action following undue variation in gain or loss

By the trader

The trader should notify their local Oils Team of any undue variation in gain or lossthat they have identified. They should also enquire without delay into any undue variationin each account between:

  1. the gain or loss for the month and the same month in the preceding year;
  2. the gains and losses for successive months; and
  3. the discrepancy for the monthly average for the previous 12 months.

By Oils Staff

Oils assurance officers should consider information on any undue variation in gains orlosses as at (a) to (c) above that the trader has notified to them.

If you are satisfied that any undue variation can be accounted for by the legitimatecauses listed in HCOTEG151530 you should inform the traderthat you are satisfied with the loss.