Vaping Products Duty and Vaping Duty Stamps guidance

VPDS133030 - Vaping Products Duty and Vaping Duty Stamps: Financial guarantees: Calculating the level of guarantee: UK duty stamp representatives

This covers the misuse or loss of stamps issued to overseas businesses that they represent as a UK duty stamps representative. Loss or misuse of stamps is an offence that comes with a penalty of 5 x the current duty rate per stamp. 

The UK representative must provide us with their projected number of stamps needed for the next 3 months. The guarantee is calculated based on the number of stamps that have been / will be issued to the UK duty stamps representative in an average month, i.e. the 3 month figure provided by the UK duty stamps representative, divided by 3. 

The guarantee is calculated based on £1 per stamp. Guarantee is capped at a maximum of £9.5million.