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Finance Act 1977

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This is the original version (as it was originally enacted).

4For section 11 of the 1972 Act (valuation of imported goods) the following shall be substituted— Value of imported goods.

11(1)For the purposes of this Part of this Act, the value of imported goods shall be determined as follows.

(2)If the goods are imported at a price in money payable as on a transfer of the property, there being no other consideration, the value is an amount equal to the price, plus (so far as not already included)—

(a)all taxes, duties and other charges levied either outside or, by reason of importation, within the United Kingdom (except value added tax); and

(b)all costs by way of commission, packing, transport and insurance up to the port or place of importation.

(3)Where subsection (2) does not apply, the value of the goods is their open market value as determined in accordance with Community legislation relating to the valuation of goods for customs purposes, plus (so far as not already included in that value) all such taxes, duties, charges and costs as are specified in subsection (2)(a) and (b).

(4)This section has effect subject to Schedule 3 to this Act.

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