How to value goods for import VAT

Imported from official source

April 20, 2021 23:00

Finance Classified by Officially

To help you calculate the VAT due on goods you’ve imported to the UK, you must work out their value and add it to box 22 of your import declaration.

To work out the value, you need to add together:

all charges payable on importation into the UK, such as Customs Duty or levy and Excise Duty (do not include the VAT itself)

the cost of any incidental expenses (find out how to work out incidental expenses)

You’ll then need to add the total to the customs value of your goods.

Costs relating to the transport of the goods to a further destination than the UK (that are known at the time the goods are imported) must be included in the import VAT value.

Certain works of art, antiques and collectors’ items are entitled to a reduced valuation at importation. To reduce the valuation at importation you must:

Calculate a value for duty, using the appropriate duty method.

By applying the 20% rate to the value it reduces the effective VAT rate to 5%.

Works of art that are eligible for the reduced valuation are classified in the UK Global Online Tariff under the following headings.

Goods classified under heading 4911 include:

printed by or under the supervision of the photographer

either the only one made or comprised in a limited edition (limited to no more than 30 prints from a single exposure, with each containing a number and signature of the photographer)

Goods classified under heading 5805 include:

either the only one made, or comprised in a limited edition (limited to no more than 8 from the same design)

Goods classified under heading 9701 include:

paintings, drawings, collages, decorative plaques or similar pictures that were executed by hand

enamels on copper created entirely by hand which carry the signature of the artist or the studio (limited to 8 numbered copies)

plans and drawings for architectural, engineering, industrial, commercial, topographical or similar purposes

studio back cloths or similar painted canvases

articles of jewellery, goldsmiths’ products and silversmiths’ products

This is an extract. The publication continues at the source.

Contains public sector information licensed under the Open Government Licence v3.0. Licence

Read the original at the source: https://www.gov.uk/guidance/how-to-value-goods-for-import-vat

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Identity: https://www.gov.uk/guidance/how-to-value-goods-for-import-vat#2026-11-02T09:00:03Z