§ Mr. GryllsTo ask the Chancellor of the Exchequer if he will estimate the aggregate amount of bank guarantees currently provided by registered traders to Her Majesty's 131W Customs and Excise in respect of VAT on imports and the proportion thereof that relates to imports from other EC member states.
§ Mrs. Gillian ShephardUnder the duty deferment scheme Her Majesty's Customs and Excise hold guarantees given by banks and insurance companies in respect of combined import VAT, customs and excise duties and levies. The total value of these guarantees fluctuates daily but the element attributable to import VAT is currently estimated to be about £2,600 million, of which some £1,600 million can be attributed to imports from other EC Member States.