Regulation 120 Method 2 valuationC1 I1

(1)

“Method 2 valuation” means the valuation of chargeable goods M1 presented to Customs on import determined by the valuation method in paragraph (2).

(2)

The valuation method is—

F1(a)

identify the transaction value of identical goods—

(i)

sold for export to the United Kingdom; and

(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

(b)

apply that value to the chargeable goods as the value of the goods which applies immediately before F2importation of the goods into the United Kingdom.

(3)

The identification is to be made in accordance with regulation 122.

Annotations

Textual amendments

F1: 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)
F2: 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)

Marginal citations

M1: “Chargeable goods” is defined in section 2 of the Act.

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. 120 in force at 31.12.2020 by S.I. 2020/1643, reg. 2, Sch.

Regulation 120 Method 2 valuationC1I1