Vaping Products Duty and Vaping Duty Stamps guidance

VPDS134000 - Vaping Products Duty and Vaping Duty Stamps: Financial guarantees: Who can provide a guarantee?

Where it is required, a guarantee must take the form of:

• a letter provided by HMRC, signed by a recognised financial institution and the Approved Person
• the letter must be returned to HMRC for the guarantee to be valid
• The letter must state the amount of the guarantee, and any stipulations reasonably required for the protection of the revenue

A recognised financial institution means a firm regulated by the Prudential Regulation Authority of the Bank of England or the corresponding EU Member State National Register. The guarantor must also be established in the area the guarantee will cover.

For Vaping Producers or UK Representatives based in Great Britain, the guarantor must be established in the UK and be regulated by the UK Prudential Regulation Authority.

For Vaping Producers or UK Representatives based in Northern Ireland, the guarantor must either:

• be established in Northern Ireland or have a branch in Northern Ireland and be regulated by the UK Prudential Regulation Authority
• be established in the EU and be regulated by the appropriate national banking authority for that country (lists can be found on the European Banking Authority website)