The aggressive approach being taken by Her Majesty’s Revenue and Customs in revoking bonded warehouse status could cause serious commercial implications warns UKWA.
The trade association for the third party logistics and storage industry is in talks with HMRC over its policy for Customs Warehousing status. It says HMRC is aggressively targeting bonded warehouse operators and revoking the authorisation to store duty suspended goods where operators have not held good under bond recently.[asset_ref id=”1584″] Roger Williams
Roger Williams, chief executive officer of UKWA said the HMRC seems to be applying a “use it or lose it” policy. “On behalf of our members we are asking if it is now HMRC policy to adopt a more aggressive and rigid approach to bonded warehousing status. Given that such a policy is unlikely to raise revenue for the exchequer but would limit a company’s operational flexibility, it is hard to understand the motivation for such an approach.”