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HMRC internal manual

Securities Guidance

Security as a condition of releasing a VAT credit: acceptable forms of security

The amounts of credit claimed can be significant. HMRC’s position is protected by only accepting security in limited forms.

So that we can recover money immediately, in the event that we decide the person is not entitled to the credit, we will only accept security in the following forms

  • a performance bond payable on demand from an approved financial institution with one or more offices in the UK, see SG53000.
  • cash deposited in a bank or building society interest-bearing account from which the person may not make withdrawals without our prior approval, see SG54000.