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Published on: 13/01/2010 09:22:00 |
CUSTOMS INFORMATION PAPER (10) 02
1. Introduction
The purpose of this information paper is to clarify the declaration requirements where imported goods and other charges are invoiced in a foreign currency.
2. What are the requirements?
Depending on how your computer software is constructed you should use one of the following options to enter the invoice currency in your import declaration.
a. The goods may be declared on CHIEF using the currency in which the goods are invoiced.
The first sub-division of Box 22 should be completed with the code for the foreign currency in which the goods have been invoiced. CHIEF will convert the currency into sterling using a stored rate of exchange. The rate of exchange used by CHIEF for this purpose is the rate in force on the day the declaration is accepted.
b. The invoice currency may be converted into sterling before declaring the goods to CHIEF.
If your software is capable of converting the invoice currency into sterling using the correct rate of exchange in force on the day, or if a fixed rate of exchange is stipulated in the contract of sale, the first sub-division of Box 22 should be completed with the code for sterling (GBP). A copy of the valuation declaration or worksheet showing how the conversion was made should be attached to the declaration and the statement ‘see attached worksheet / valuation declaration’ should be entered in box 44 against Document Code ‘9WKS’. If you operate Customs Freight Simplified Procedures (CFSP) you should retain the valuation declaration or worksheet within your records.
The rate of exchange used for customs purposes for foreign currency is published by HMRC monthly and applies from midnight on the last day of the month for use during the following month. The rate for a particular currency may however be changed within this period whenever the value of sterling in relation to that currency changes by 5% or more.
The rates of exchange used for customs purposes are found on the HMRC website.
The HMRC published rates must always be used to convert the invoice currency of the goods into sterling.
3. Contacts
For queries on the content of this information paper please contact:
Peter Knights
HMRC
ECSM - Duty Liability
10th Floor
Alexander House
Southend on Sea
Essex
SS99 1AA
For further information, contact sales at Impatex on 0870 872 2770 or use our contact form.
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