C1C2C3C4PART 1Import duty
Pt. 1 applied (31.12.2020) by The Customs Transit Procedures (EU Exit) Regulations 2018 (S.I. 2018/1258), art. 1(2), Sch. 2 para. 25(2); S.I. 2020/1643, reg. 2, Sch.
Pt. 1 modified (19.6.2023) by The Customs (Origin of Chargeable Goods: Developing Countries Trading Scheme) Regulations 2023 (S.I. 2023/557), regs. 1(1), 7 (with reg. 1(3))
Pt. 1 applied (31.1.2024) by S.I. 2020/1605, reg. 25A (as inserted by The Taxation (Cross-border Trade) (Miscellaneous Amendments) Regulations 2024 (S.I. 2024/12), regs. 1(2), 3(3))
Amount of import duty: supplementary
I1I218Currency
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.
Pt. 1 applied (17.12.2020 for specified purposes, 31.12.2020 in so far as not already in force) by 1994 c. 23, Sch. 9ZB para. 1(3)(4) (as inserted by Taxation (Post-transition Period) Act 2020 (c. 26), s. 11(1)(e), Sch. 2 para. 2 (with s. 3(4), Sch. 2 para. 7(7)-(10)); S.I. 2020/1642, reg. 9)