Commentary

V3.388B Acquisitions—warehousing and fiscal warehousing

Part V3 Supplies, acquisitions and imports

V3.388B Acquisitions—warehousing and fiscal warehousing

V3.388B Acquisitions—warehousing and fiscal warehousing

This paragraph examines the interaction between acquisitions, acquisition VAT, warehousing and fiscal warehousing. It should be read in conjunction with the other sections in this Division on the subject of acquisitions and in particular V3.361 which looks at the meaning of acquisition, the identity of the acquirer and when there is a charge to acquisition VAT.

Goods subject to a warehousing regime

Goods are said to be 'subject to a warehousing regime' if they are kept in a warehouse or are being transported between warehouses (whether in the same or different EU member states) without payment of any duty, levy or tax in an EU member state1. A 'warehouse' for this purpose is any warehouse where goods may be stored in any EU member state without payment of any one or more of2:

  1.  

    •     EU customs duty

  2.  

    •     any EU agricultural levy

  3.  

    •     VAT on the importation of the goods into any EU member state

  4.  

    •     any duty of excise3

  5.  

    •     any duty which is equivalent to a duty of excise in another EU member state

The place of acquisition rules described in 'Place of acquisition' at V3.361 do not apply where the 'material time' for an acquisition of goods subject to a warehousing regime is before the 'duty point4'. Different rules are prescribed in relation to:

  1.  

    •     goods removed from a third country

  2.  

    •     'dutiable goods' acquired from another EU member state

Meaning of 'material time' for an acquisition of goods

The 'material time' for an acquisition

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