PART 1Import duty

Amount of import duty: supplementary

18Currency

(1)

The value of chargeable goods for the purposes of this Part must be calculated and expressed in sterling.

(2)

If an amount that is relevant for the purpose of calculating the value of goods for the purposes of this Part is expressed in a currency other than sterling, the amount must be converted into its sterling equivalent.

(3)

The conversion must be made in accordance with provision contained in a public notice given by HMRC Commissioners.

(4)

The public notice may make provision—

(a)

specifying the exchange rate that must be used for the purposes of this section,

(b)

for the conversion to be made by reference to an exchange rate (or rates) applicable at any time (including a time earlier than that at which an importation took place) or by reference to the average exchange rate for a specified period,

(c)

for the exchange rate determined in accordance with the notice to apply to transactions or other events taking place in a specified period,

(d)

for adjusting the applicable exchange rate if the value of sterling against the currency concerned has increased or decreased by more than a specified percentage, and

(e)

for any conversion to be rounded up or down.