[F1121A.—(1) The application of the Customs Duties (Deferred Payment) Regulations 1976 in relation to any VAT chargeable on the importation of goods from places outside the member States is subject to the following prescribed adaptations.U.K.
(2) In regulation 4(1) (application for approval), regard “security” as being “appropriate security (which may be nil if there is no risk to the payment)”.
(3) In regulation 4(2) (security and payment arrangements), regard there being a second sub-paragraph as follows—
“Provided that the amount in question may exceed that of the security in the case of nil security.”.
(4) For regulation 4(3) (variations and revocations of approval), regard any Commissioners' variation consequent on the adaptations prescribed by this regulation as only being able to have effect after 30th November 2003.
(5) Before “and” at the end of regulation 8(a) (deemed payment for certain purposes at time deferment granted), regard there being—
“(aa)Article 74(1) of Council Regulation (EEC) No 2913/92 (Community Customs Code) (no release of goods unless customs debt paid or secured);”.]
Textual Amendments
F1Regs. 121A-121C inserted (1.10.2003) by The Value Added Tax (Amendment) (No. 5) Regulations 2003 (S.I. 2003/2318), regs. 1(1), 6