Glossary

Occasional Importer

The previous scheme under which businesses could bring into the UK excise goods from other European Union member states, on a one-off, or infrequent basis, in the course of their business. The Occasional Importer scheme was replaced on 1 April 2010 by the Temporary Registered Consignee scheme for duty-suspended movements and the Commercial Importer scheme for goods purchased duty paid in another EU Member State.

Occupancy

Holding, possessing, or occupying premises.

Off-line

The onward carriage of a through inter-airport removal or a through transit, by a carrier who is not the inward carrier of the goods.

Office of exit

Normally the last Customs offices before the goods leave the Customs territory of the European Union.

Office of export

The Customs office where the export declaration is lodged.

Offices en route

Frontier offices through which a Transports Internationaux Routiers (TIR) movement passes, on the journey to its destination. At each of these offices the container/vehicle and TIR Carnet must be presented to Customs.

Offices of departure/destination

Approved Customs offices where a Transports Internationaux Routiers (TIR) movement officially begins or ends. This may be at an inland clearance depot, port or airport.

On consignment

Goods imported for post importation sale in the European Union where the value of the sale is not known at the time of importation.

On-line

The onward carriage of a through inter-airport removal or a through transit by the inward carrier of the goods.

Open account

A trade arrangement under which goods are shipped by an exporter without guarantee of payment. This is similar to offering credit to a UK customer, with the exporter bearing all the risks of offering credit. Open account payment should only be used if you have an established relationship with the buyer and is typically for exports within the European Union.

Open General Import Licence  (OGIL)

Available from the Department for Business Innovation & Skills (BIS), this allows the import of most goods from outside the European Union without licensing formalities.

Open insurance policy

Marine insurance policy that applies to all shipments made by an exporter over a period of time rather than a single shipment.

Open-ended investment companies  (OEICs)

Single or umbrella investment funds that can issue different types of shares to raise money to invest in other companies. The number of shares can be increased or decreased according to demand. The share price of an OEIC is based on the total value of all the underlying investments, divided by the number of shares in issue.

Option

A contract that gives the holder the right, but not the obligation, to buy or sell an agreed amount of shares or currency at a pre-agreed price by a given date.

Ordinary maternity leave  (OML)

The first 26 weeks of the total 52 weeks of statutory maternity leave available.

Ordinary resolution

A simple resolution passed by a company by more than half of those who vote on it. Usually all that is needed to authorise the directors to enter into a major contract or to ratify one they have already agreed. However, directors are usually assumed to have general authority to enter into any contract in the course of business and the other party to a contract is not required to check their authority.

Originating products

Products which have been wholly produced in the European Union (EU) or products which incorporate material not wholly produced in the EU, but which have been sufficiently transformed in the EU.

Outward processing relief  (OPR)

A system of duty relief that gives full or partial relief from import duty when European Union (EU) goods are exported outside the EU for process or repair and are subsequently re-imported.

Outward processing trade  (OPT)

Concerned with the temporary export of textiles to certain Eastern European countries for processing and re-import into the European Union. Before exporting the goods, the exporter must obtain an OPT authorisation from the Department for Business, Enterprise and Regulatory Reform (BERR).

Overdraft

A credit facility on a bank account that gives the account holder access to funding up to a pre-agreed limit. It is advisable to arrange an overdraft facility with the bank if it is likely that the account may become overdrawn.

Overheads

The costs of running a business (eg staff costs, rent, rates, lighting and heating) as distinct from the cost of producing your goods or services.

Overseas countries and territories  (OCT)

A collective term for a large number of states which are treated similarly for the purposes of trade preferences. The OCT group consists of states which are not part of the single market, but which have historical links with various European Union member states. A complete list of the states included in the OCT group can be found in Volume one of the Tariff.