# The Customs (Import Duty) (EU Exit) Regulations 2018, Regulation 98: Specified amount

Extent: E+W+S+N.I.

(1) Subject to paragraph (1A) the specified amount is—
(a) in relation to a single guarantee, the maximum amount of import duty that is likely to be payable in respect of the particular goods declared for a Customs procedure; or
(b) in relation to a comprehensive guarantee, the maximum amount of import duty and duty under section 30C of the Act that is likely to be payable in any calendar month for which the guarantee subsists, having regard to the business of the person authorised to give the guarantee, in particular in relation to goods imported into the United Kingdom and goods removed from Northern Ireland to Great Britain in the previous 12 months and proposed importations and removals from Northern Ireland to Great Britain in the next 12 months.
(1A) Other than in relation to a guarantee given in accordance with paragraph 17(5B) of Schedule 1 to the Act, where a person is approved to defer payment of liability to import duty under regulation 43(5) or (8) the specified amount is reduced by the amount of liability to import duty to which the approval relates.
(1B) In paragraph (1A) reference to duty to which the approval relates has the same meaning as in regulation 43(15)(b).
(2) ... If the amount of the liability or potential liability to import duty or duty under section 30C of the Act exceeds the specified amount of the guarantee, the person liable or potentially liable to that import duty or duty under section 30C of the Act must notify HMRC as soon as practicable on becoming aware of the shortfall.
(2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) HMRC may by notice to the person required to give the guarantee in respect of a liability to import duty, amend the specified amount with effect from a date specified in the notice but not less than 15 days from the date the notice is given.

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Source: https://www.legislation.gov.uk/uksi/2018/1248/regulation/98 (the official version)
Page: https://openlegislation.uk/customs-import-duty-eu-exit-regulations-2018/regulation-98
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.