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(1)This section makes provision for determining the value of chargeable goods for the purposes of this Part.
(2)The general rule is that the value of the goods is the transaction value of the goods when sold for export to the United Kingdom.
(3)For this purpose “the transaction value” means the total amount of the consideration—
(a)payable for the goods, or
(b)payable in connection with the importation of the goods into the United Kingdom,
subject to the inclusion or exclusion of matters specified in regulations made by the Treasury.
(4)The regulations may make provision for treating a matter to be of a specified amount or value.
(5)Regulations made by the Treasury may make provision for the value of goods for the purposes of this Part to be a value other than the transaction value.
(6)The following are examples of the kind of provision that may be made by the regulations—
(a)provision dealing with transactions between persons who are related to, or connected with, each other in a specified way, and
(b)provision dealing with cases where a transaction value cannot, or cannot readily, be determined.
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