What does London City Bond do?
Welcome to LCB
This is what we do. From London’s oldest bonded warehouse to the UK’s leading tax warehousing company LCB has an impeccable reputation with renowned drinks trade customers. Fine wine merchants and global investors entrust us with their storage in the ideal conditions of Eton Park, Melksham and Dinton.
What means bonded warehouse?
A bonded warehouse is a warehouse operated by a private company in a foreign country under the regulatory supervision of that country’s customs agency. Its main advantage is to defer the payment of customs duties.
How many types of customs warehousing are there?
2 types
There are 2 types of customs warehouse where you can store your goods.
How long can goods stay in a bonded warehouse?
5 years
What is a Customs bonded warehouse? A Customs bonded warehouse is a building or other secured area in which imported dutiable merchandise may be stored, manipulated, or undergo manufacturing operations without payment of duty for up to 5 years from the date of importation.
Who owns the goods in a bonded warehouse?
A private bonded warehouse is one owned by the business for its importing and exporting purposes. This is also known as ‘proprietary warehousing. ‘
What goods are stored in bonded warehouse?
A bonded warehouse, or bond, is a building or other secured area in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. It may be managed by the state or by private enterprise. In the latter case a customs bond must be posted with the government.
What are the disadvantages of bonded warehouse?
Disadvantages of bonded warehouse to an individual/importer. -When storage charges accumulate with time, they may become unmanageable. -Owners of the goods have no say over the management of the warehouse. -Goods may be auctioned by the customs authority if the owner does not pay tax on time.
What is the disadvantage of bonded warehouse?
Bonded warehouses do not allow the exit of any goods from them except after following all the procedures for clearing those goods, and sometimes that process takes a great deal of time and is very cumbersome.
Which type of goods are stored in a bonded warehouse?
A bonded warehouse is a place of storage for imported goods (also known as bonded goods) that have yet to be processed by customs. In simple terms, it is a duty-free zone. There are two types of storage – wet and dry. Wet bonded warehouses are the only ones in which alcohol and tobacco may be stored.