HCOTEG33500 – Relevant Law: Excise duties (deferred payment) Regulations 1992
Instead of paying duty as it is due on the day, approved persons can put in a ‘deferment’ return – this is in effect the same principal as putting in a VAT return.
| Section | Section title | Summary and comments |
| 3 | Application | …is that the Regulations apply to biofuels and hydrocarbon oils on which duty would be due immediately but for deferment. |
| 4 | Approved persons | …have to be approved by us for deferment. |
| 5 | Deferment payment days | Instead of paying as you go along you can ‘defer’ until a payment day – a range of conditions for different goods – oils and biofuels specifically mentioned |
| 6 | Set-offs | Allowing rebates due on oils including biofuels to be off-set against duty due – Acts listed on form HO10. |
| 7 | Adjustments | Allowing us to adjust for over and under declarations. |
| 8 | Security | Financial security. |
| 9 | Conditions | We can set them. |
| 10 | Change of circumstances | We have to be told immediately |
| 11 | Purposes for which excise duty is treated as paid | Lists all the sections of all the acts that require duty to be paid that can be deferred. |
| 12 | Savings for requirement of other regulations | these Regulations cannot be construed as removing any obligations in any other Act or Regulations |
