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HMRC internal manual

Securities Guidance

Securities Guidance: recent changes

Below are details of the amendments that were published on 25 June 2012 (see theupdate index for all updates)

Only actual major changes to content are listed in the table below. Other pages within this guidance may have been updated to incorporate a very minor change or to correct any spelling mistakes or broken links, or to change page presentation. You are reminded that any page printed from this guidance is uncontrolled and may not be the latest version. It is recommended you always refer to guidance online.

Page Details of update
SG13000 Expanded guidance on the period for which we hold security, how we can use it and what we can do when we no longer require security
SG16000 Amended wording to emphasise that we are bound by the Commissioners for Revenue and Customs Act 2005
SG21000 Now clarifies the use of the terms ‘taxable person’ and ‘registrable person’ in indirect tax security work, and ‘person’ in direct tax securities work
SG23000 Includes an extract from the law relating to the fine that can be imposed when a PAYE/NICs security is not provided
SG26500 The example has been amended to clarify that the company secretary has no control over the company finances and cannot be asked for security
SG26700 Text added to emphasise that we should only repay security before the 2-year retention period has expired if we are sure we will not require security before the original 2-year retention period expires
SG33100  An employer’s existing debt can be included in the amount of security. SG34000 says when it may not be appropriate to do this
SG34000 Guidance added about what constitutes debt and things to consider before continuing with security action
SG40500 Clarifies how long a person has after receipt of a Notice of Requirement to decide what they are going to do
SG41200 Expands on those people who can be prosecuted for not giving security and continuing to make taxable supplies. Sets out the circumstances when we may prosecute offences committed during the 30-day appeal/review period
SG42150 The person has 31 days from receipt of the PAYE NOR to decide what they are going to do
SG54000 Corrected to show that it is the person’s bank that must contact the Cash Management Policy Team to set up a joint bank account
SG61200 The appeal rights of a person who is given a further PAYE NOR who was also given an original NOR are clarified
SG61300 The date after which an indirect tax security may be reduced clarified
SG65100 Whole new section including expanded and rewritten guidance about the meaning of relevant debt, offsetting security against existing and accrued relevant debt. Emphasis on what to do with existing PAYE debt
SG66100 Page deleted. Text rewritten and included in SG65100
SG66200 Page deleted. Text rewritten and included in SG65100
SG66300 This page rewritten to include set-off guidance for indirect tax security work only
SG66350 New page about set-off in PAYE security work
SG68000 Reminder to look at SG61200 if seeking further PAYE/NICs security following an application to reduce the value of the security
SG70300 Period to appeal against PAYE NOR corrected