The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview ofthe main rules relating to Temporary Storage and approved depositories (hereafter referred to as 'TS').
This guidance note has been updated to reflect the introduction ofthe Union Customs Code with effect from 1 May 2016.
Goods are held in TS from the time they are presented to Customs, when they first enter the UK, until they are assigned to a specific customs procedure. A TS facility is a place that is either located inside or outside the approved areas ofa seaport or airport where non-Union goods may be stored before they are assigned to a customs procedure or re-exported. An external place is where the trader is authorised for LCP (Local Clearance Procedure), eg under CFSP.
Border Force must grant authorisation for a place to be used for TS.
The following can currently be used to describe a TS location and are further explained in Notice 199A :
An ITSF(R) used to be a frontier facility outside the Customs controlled area but approvals for these facilities can no longer
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
To view our latest tax guidance content, sign in to Tolley® Guidance or register for a free trial.