Regulation 5 Items and records (including an excise duty account) to be kept and preserved

Subject to paragraph (2) of this regulation, a revenue trader who, in an accounting period, is liable to pay an amount of duty shall keep and preserve a record, to be known as the excise duty account, containing the particulars specified in Schedule 2 to these regulations (and this requirement to keep and preserve an excise duty account is called “the obligation” in paragraph (2) of this regulation).

Where two or more revenue traders are liable jointly and severally to pay an amount of duty (called below “the debt”), and one of them (called below “the responsible revenue trader”), with the understanding of the other or, as the case may be, the others, agrees to take on the responsibility as between all of those revenue traders, to pay the debt or a portion of it, the obligation of that other or those others shall be considered, for the purposes of this regulation, to be discharged to the extent, having regard to the amount of the debt, that the debt is discharged through any payment made by the responsible revenue trader.