‘vessel’ means vessels considered as sea-going according to CN Chapter 89, tugs, warships and floating structures;

‘aircraft’ means aeroplanes falling within CN code 8802 30 and 8802 40;

‘economic ownership’ means the right of a natural or legal person to claim the benefits associated with the use of a vessel or aircraft in the course of an economic activity by virtue of accepting the associated risks.

the transfer of economic ownership of a vessel or aircraft from a natural or legal person established in a non-member country to a natural or legal person established in the F1United Kingdom; this transaction shall be treated as an import;

the transfer of economic ownership of a vessel or aircraft from a natural or legal person established in the F2United Kingdom to a natural or legal person established in a non-member country; this transaction shall be treated as an export F3...;

the import and export of vessels or aircraft before or following processing under contract as defined in Annex II, note 2.

the quantity shall be expressed in number of items and any other supplementary units laid down in the CN, for vessels, and in net mass and supplementary units, for aircraft;

transport and insurance costs shall be excluded from the statistical value;

the partner country shall be:

1. (i)

   the non-member country where the natural or legal person transferring the economic ownership of the vessel or aircraft is established, on import, or the natural or legal person to whom the economic ownership of the vessel or aircraft is transferred, on export, for movements referred to in paragraph 2(a) and (b);

2. (ii)

   the non-member country of construction, on import, in the case of new vessels or aircraft constructed outside the F4United Kingdom;

3. (iii)

   the non-member country where the natural or legal person who exercises the economic ownership of the vessel or aircraft is established, on import, or the non-member country undertaking the processing under contract, on export, for movements referred to in paragraph 2(c);

the reference period for imports and exports referred to in paragraph 2(a) and (b) shall be the month when the transfer of economic ownership takes place.