Regulation 114 Transaction value: adjusted amountsC1I1
Where an HMRC officer is satisfied—
that a transaction value used in Method 1 valuation is substantially lower than the full value of the goods; and
as to the amount (“the adjusted amount”) which, if included in the value, would be the full value,
the officer must consider the transaction value as inaccurate and accordingly give a notification or make a correction to the Customs declaration under paragraph 14 of Schedule 1 to the Act, such that the transaction value is treated so as to include the adjusted amount.
In particular, an HMRC officer must have regard to the following in order to be satisfied as to the matters in paragraph (1), namely if—
the buyer and seller of the goods have agreed any restriction on the use or disposal of the goods, other than a restriction—
imposed further to an enactment; or
as to the geographic area in which the goods may be re-sold;
the seller is entitled to any of the proceeds of any disposal of the goods made by the buyer; or
the goods are to be processed by the buyer or a related person of the buyer and the seller is entitled to any of the goods as processed.
Annotations
Modifications
- C1
Pt. 12 applied (with modifications) (31.12.2020) by The Customs (Northern Ireland) (EU Exit) Regulations 2020 (S.I. 2020/1605), regs. 1(1), 32; S.I. 2020/1643, reg. 2, Sch.
Commencement
- I1
Reg. 114 in force at 31.12.2020 by S.I. 2020/1643, reg. 2, Sch.