HMRC's new Advance Valuation Ruling Service

27 Mar 2023

Following an announcement in the Spring Budget on 15 March, HMRC will be introducing a new Advance Valuation Ruling Service in Spring this year. This will provide traders with legal certainty on the valuation method of goods they are importing into the UK, for a period of three years. Traders do not have to use this service, but it will provide reassurance that a chosen valuation method is correct and will assist in the completion of customs declarations.

How to prepare

Traders can prepare in advance by obtaining the following:

● A Government Gateway ID

● An EORI number

To learn more about valuation, visit Working out the customs value of your imported goods - GOV.UK (www.gov.uk). HMRC will provide further guidance in advance of the new service going live.