HCOTEG151540 | Gains and Losses shown in trade records: Undue variation in gain or loss

From the records they keep for their own use, traders should be able to identify any abnormal losses and bring these to the attention of their Local Officer.

All records which warehousekeepers and producers keep of the oil on their approved or entered premises must be made available for official examination and extraction of any particulars when required.

Action following undue variation in gain or loss

By the trader

The trader should notify their local Oils Team of any undue variation in gain or loss that they have identified. They should also enquire without delay into any undue variationin each account between:

1. the gain or loss for the month and the same month in the preceding year;

2. the gains and losses for successive months; and

3. the discrepancy for the monthly average for the previous 12 months.

By Oils Staff

Oils assurance officers should consider information on any undue variation in gains or losses as at (a) to (c) above that the trader has notified to them.

If you are satisfied that any undue variation can be accounted for by the legitimate causes listed in HCOTEG151530 you should inform the trader that you are satisfied with the loss.