HMRC launches AVRS giving importers legal certainty on customs valuation method

Article summary

HM Revenue and Customs (HMRC) has launched the Advance Valuation Ruling Service (AVRS), a non-mandatory service to give importers legal certainty over their chosen customs valuation method. Traders must calculate the value of their goods when importing into the UK to calculate their Customs Duty and import VAT. Traders will apply online for an Advanced Valuation Ruling and HMRC will confirm whether the value calculation method is correct. The ruling will be legally-binding for three years and the trader will use the information to calculate their goods’ value on their import declaration. Once an AVRS application, HMRC will confirm acceptance of the application within 30 days and the correct valuation method within 90 days.