Commentary

V17.162 Transaction value

Part V17 Customs duties

V17.162 Transaction value

V17.162 Transaction value

Brexit note: This paragraph is under review and is subject to further updates. The information provided in this section is presented as it stood prior to the UK leaving the EU unless otherwise indicated. Updates are dependent on any legislation that is introduced by the UK Government.

The customs value of imported goods is, as a general rule, taken to be the 'transaction value', that is the price actually paid or payable for the goods when sold for export to the customs territory of the UK1, adjusted, where necessary, in accordance with rules laid down by UK customs law2.

The application of this value is subject to the following conditions:

  1.  

    •     there are no restrictions as to the disposal or use of the goods by the buyer, other than restrictions which:

  2.  
    1.  

      –     are imposed or required by a law or by the public authorities in the UK, or

    2.  

      –     limit the geographical area in which the goods may be resold, or

    3.  

      –     do not substantially affect the value of the goods3

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial