The Customs Duties (Deferred Payment) Regulations 1976
These Regulations, made under section 16(2) of the Finance (No. 2) Act 1975 and section 15 of the Finance Act 1976, provide for deferment of customs duties (other than customs duties on tobacco) payable on imported goods and imported warehoused goods removed from warehouse; they also apply to agricultural levy and to value added tax payable on imported goods and on such goods removed from warehouse. The Regulations prescribe the period for which deferment is allowed and the action to be taken by those seeking deferment including the giving of security. Provision is made for cases of under-payment or over-payment of duty and, for the purposes of giving relief by repayment of duty under certain enactments, it is provided that duty shall be deemed to have been paid at the time when deferment was permitted.