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Government to Introduce Advance Valuation Rulings

Yesterday (15th March) the Government announced that legislation will be introduced in Spring Finance Bill 2023 to allow UK businesses to apply for an Advance Valuation Ruling for specified goods that are imported into the UK.

The ruling will be legally binding on the importer and HMRC for the specified goods and can be valid for a period of three years. It will not be mandatory for importers to obtain the advance ruling it can provide certainty to customers on how to arrive at the customs valuation for their goods.

International traders can already obtain advance rulings with respect to tariff classification and origin of goods however, this will be the first time that advance rulings can be obtained for customs valuations.

Similar services are offered worldwide and will help the UK meet their requirements under new trade agreements and support accession to the CPTPP.

The measure will come into effect once the Spring Finance Bill 2023 has received Royal Assent.

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