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Security

HMRC has the following powers to require that a taxable person provides security in the following circumstances:

1. a)

   if HMRC considers that it is necessary for the protection of the revenue, they can require, as a condition of making any VAT credit, that the taxable person provides security that covers the amount of the payment if this appears to be appropriate under VATA 1994, Sch 11, para 4(1A); FA 2003, s 17(3)

2. b)

   if HMRC considers that it is necessary for the protection of the revenue, they may require a taxable person, as a condition of supplying or being supplied with goods and services under a taxable supply, to provide security that covers the payment of any VAT that is or may become due from the taxable person.