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Regulation 121 Method 3 valuationC1I1

(1)

“Method 3 valuation” means the valuation of chargeable goods 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 similar 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. 121(2)(a) substituted (16.7.2025) by The Customs (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/745), regs. 1(1), 4(16)(a)

F2

Words in reg. 121(2)(b) substituted (16.7.2025) by The Customs (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/745), regs. 1(1), 4(16)(b)

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