{
  "url": "https://openlegislation.uk/customs-import-duty-eu-exit-regulations-2018/regulation-120",
  "json_url": "https://openlegislation.uk/customs-import-duty-eu-exit-regulations-2018/regulation-120.json",
  "legislation": "uksi/2018/1248",
  "legislation_title": "The Customs (Import Duty) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/customs-import-duty-eu-exit-regulations-2018",
  "path": "regulation/120",
  "kind": "regulation",
  "number": "120",
  "heading": "Method 2 valuation",
  "text": "(1) “Method 2 valuation” means the valuation of chargeable goods presented to Customs on import determined by the valuation method in paragraph (2).\n(2) The valuation method is—\n(a) identify the transaction value of identical goods—\n(i) sold for export to the United Kingdom; and\n(ii) imported into the United Kingdom at the time of, or within such period as an HMRC officer considers reasonable of, the importation of the chargeable goods into the United Kingdom; and\n(b) apply that value to the chargeable goods as the value of the goods which applies immediately before importation of the goods into the United Kingdom.\n(3) The identification is to be made in accordance with regulation 122.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 120(2)(a) substituted (16.7.2025) by The Customs (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/745), regs. 1(1), 4(15)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 120(2)(b) substituted (16.7.2025) by The Customs (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/745), regs. 1(1), 4(15)(b)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "“Chargeable goods” is defined in section 2 of the Act."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "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."
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 120 in force at 31.12.2020 by S.I. 2020/1643, reg. 2, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2018/1248/regulation/120",
    "retrieved_at": "2026-10-28T22:51:35.418231+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}