Updated VAT notice – Fiscal warehousing
HMRC’s ‘Fiscal warehousing’ notice has been updated for the first time since 2006. The new notice also contains information previously contained in the Notice covering‘Warehouses and Free Zones’ which has been cancelled.
A fiscal warehouse is a regime where certain commodities such as tin, copper and nickel in free circulation within the EC can be traded VAT-free, subject to satisfying the necessary conditions.
The notice explains how the fiscal warehousing regime works and provides guidance on:
- Who may use the regime.
- What goods are eligible.
- The treatment of goods entering, sold within and removed from a fiscal warehouse.
- The treatment of services within a fiscal warehouse.
- How you can become authorised to operate a fiscal warehouse.
- When VAT becomes due on removing goods from a fiscal warehouse and how to account for it.