Value Added Tax Act 1994 section 18F

Sections 18A to 18E: supplementary

Section 18F provides definitions and supplementary rules that underpin the fiscal warehousing regime set out in sections 18A to 18E, and grants HMRC broad regulation-making powers over the operation of fiscal warehouses.

• Key terms such as "fiscal warehouse", "fiscal warehousekeeper", "eligible goods", "duty point", "material time" and "warehouse" are defined for use throughout the fiscal warehousing provisions.
• Goods are treated as subject to the fiscal warehousing regime while they are eligible goods kept in a fiscal warehouse or being transferred between fiscal warehouses; if goods change nature but remain eligible, they continue to be treated as the original goods.
• If goods cease to be eligible, or if a warehousekeeper loses approval or premises lose fiscal warehouse status, the goods are treated as having been removed from the regime at that point, triggering any VAT consequences under sections 18B to 18E.
• HMRC may make detailed regulations covering the deposit, keeping, security, treatment, transfer and removal of goods in fiscal warehouses, including record-keeping obligations and a prohibition on releasing goods without payment of VAT due, with joint and several liability for the warehousekeeper if breached.