Article 146 Currency conversion for customs valuation purposes(Article 53(1)(a) of the Code)
United Kingdom
In accordance with Article 53(1)(a) of the Code, the following rates of exchange shall be used for currency conversion for customs valuation purposes:
the rate of exchange published by the European Central Bank, for the Member States whose currency is the euro;
the rate of exchange published by the competent national authority or, where the national authority has designated a private bank for the purposes of publishing the rate of exchange, the rate published by that private bank, for the Member States whose currency is not the euro.
The rate of exchange to be used in accordance with paragraph 1 shall be the rate of exchange published on the second last Wednesday of each month.
Where no rate of exchange has been published on that day, the most recently published rate shall apply.
The rate of exchange shall apply for a month, beginning on the first day of the following month.
Where a rate of exchange has not been published as referred to in paragraphs 1 and 2, the rate to be used for the application of Article 53(1)(a) of the Code shall be determined by the Member State concerned. This rate must reflect the value of the currency of the Member State concerned as closely as possible.