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99.—(1) HMRC must approve a reduction in the specified amount in relation to a comprehensive guarantee to 50% of the amount determined under regulation 98(1)(b) if satisfied that the person authorised to give the comprehensive guarantee—
(a)draws up accounts in accordance with generally accepted accounting practice;
(b)maintains reliable business records;
(c)is solvent;
(d)has in the preceding three years discharged any liability to pay—
(i)import duty; and
(ii)EU customs duty under the EU Customs Code as it had effect before exit day; and
(e)has sufficient financial resources to meet the liability or potential liability not guaranteed by the reduced comprehensive guarantee.
(2) HMRC must approve a reduction in the specified amount in relation to a comprehensive guarantee to 30% of the amount determined under regulation 98(1)(b) if satisfied that the person authorised to give the comprehensive guarantee—
(a)meets the conditions in paragraph (1); and
(b)maintains procedures to ensure that HMRC are notified of any breach of any Customs obligation.
(3) HMRC must approve a waiver to the requirement for a comprehensive guarantee in relation to a potential liability to pay import duty if satisfied that the person authorised to give the comprehensive guarantee—
(a)meets the conditions in paragraphs (1) and (2)(b);
(b)allows HMRC officers access to all electronic and physical information systems maintained by that person;
(c)maintains a logistical system that identifies chargeable goods and domestic goods and their location;
(d)where the liability relates to agricultural goods, has satisfactory procedures to ensure compliance with any relevant regulatory obligation in relation to agricultural goods;
(e)has satisfactory procedures in relation to archiving records; and
(f)maintains satisfactory computer system security measures.
(4) A person authorised as an authorised economic operator is treated as meeting the conditions in paragraphs (2) and (3).
(5) In this regulation, “generally accepted accounting practice” has the meaning given in section 1127 of the Corporation Tax Act 2010(1).
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