Finance Act, 2001

Treatment of excisable products released for consumption.

102.—(1) The liability to excise duty arising when products are released for consumption is to be calculated at the rate applicable to such products at the date of such release for consumption.

(2) Losses, other than those referred to in section 106 , and any shortages of excisable products under a suspension arrangement are liable to excise duty at the rate applicable—

(a) at the time such losses or shortages occurred, where such time can be established to the satisfaction of an officer, or

(b) where such time cannot be so established, at the time such losses or shortages came to the notice of an officer.

and such duty is payable immediately by the person authorised to produce, process, hold, transport, deliver, or receive (as the case may be) such excisable products.

(3) The excise duty referred to in subsections (1) and (2) is to be charged, levied, and paid in the prescribed manner.