The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Please note that the procedure outlined below ceased to be applicable when the Union Customs Code was introduced on the 1 May 2016. Please see theUnion Customs Code - customs warehousing and other guidance notes in the Union Customs Code subtopic for more information on the current rules.
This guidance note provides information on customs warehousing and should be read in conjunction with the Customs warehousing - obtaining authorisation, Customs warehousing - storing goods and Customs warehousing - transfers and disposals guidance notes.
Payment of import duties and / or VAT is suspended or delayed when non-EU goods are imported and stored within premises, or under an inventory system that has been authorised as a customs warehouse. If the goods are liable to excise duties then this will only become payable when the goods leave the customs warehouse procedure.
The main advantages of using a customs warehouse are:
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