Finance Act, 1998

Treatment of losses.

97.Section 114 of the Finance Act, 1992 , is hereby amended by the substitution of the following subsection for subsection (2):

“(2) Losses, other than those referred to in subsection (1), and any shortages of excisable products under a duty-suspension arrangement shall be liable to excise duty at the rate in operation at the time such losses or shortages occurred, as established to the satisfaction of an officer, or at the time such losses or shortages came to the notice of an officer, and duty shall be payable immediately and shall be charged, levied and paid in the prescribed manner by the person authorised to produce, process, hold, transport, deliver or receive (as the case may be) such excisable products.”.