The following Value Added Tax guidance note by Tolley in association with Vince Ashall provides comprehensive and up to date tax information covering:
Please note that the procedure outlined below ceased to be applicable when the Union Customs Code was introduced on the 1 May 2016. Please see the Union Customs Code - Customs Special Procedures - authorisation and other guidance notes in the Union Customs Code subtopic for more information on the current rules.
This guidance note provides details of the economic codes that may be used when businesses import goods under IPR. This note should be read in conjunction with the Inward Processing Relief (IPR) overview guidance note.
HMRC Notice 221 (LNB News 16/10/2007 74) provides further guidance on the use of the codes as detailed below.
This code can be used for goods:
This code can only be used in respect of the types of goods that would normally require an economic test (subject to the threshold being exceeded). Please see the Inward Processing Relief (IPR) overview guidance note for more information.
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