Giving security: introduction
There are a limited number of ways that a person can give security, see SG52100.
There are certain types of security which are not acceptable to us, see SG56000.
If a person gives a security deposit we encourage them to pay electronically to the Accounts Offices.
They may also arrange for us to have a performance bond. A performance bond is a legal instrument provided to HMRC by a financial institution on the person’s behalf. The financial institution undertakes to pay an amount of money should we need it, see SG53100.
A security deposit can be held in a joint account with the person, see SG54000.
We can agree up to three months for the person to give security, see SG55000.
Guidance on cash handling and banking procedures has been agreed with Finance Directorate. Any changes to the guidance will be circulated to Securities Teams by Central Policy(This content has been withheld because of exemptions in the Freedom of Information Act 2000) .