These Regulations, made under section 15 of the Finance Act 1976, amend the Customs Duties (Deferred Payment) Regulations 1976 in order to implement the obligations contained in Council Directive (EEC) 78/453 on duty deferment which replaced Council Directive (EEC) 69/76.

The changes broaden the scope of the relief afforded by the present system of duty deferment and allow the Commissioners to approve monthly arrangements for payment which are not based on a calendar month (Regulation 4(2)).