PART 1Import duty
Amount of import duty: supplementary
I116Value of chargeable goods
1
This section makes provision for determining the value of chargeable goods for the purposes of this Part.
2
The general rule is that the value of the goods is the transaction value of the goods when sold for export to the United Kingdom.
3
For this purpose “the transaction value” means the total amount of the consideration—
a
payable for the goods, or
b
payable in connection with the importation of the goods into the United Kingdom,
subject to the inclusion or exclusion of matters specified in regulations made by the Treasury.
4
The regulations may make provision for treating a matter to be of a specified amount or value.
5
Regulations made by the Treasury may make provision for the value of goods for the purposes of this Part to be a value other than the transaction value.
6
The following are examples of the kind of provision that may be made by the regulations—
a
provision dealing with transactions between persons who are related to, or connected with, each other in a specified way, and
b
provision dealing with cases where a transaction value cannot, or cannot readily, be determined.