1. These Regulations may be cited as the Value Added Tax (Valuation of Acquisitions) Regulations 1992, and shall come into force on the 1st January 1993.

2.-(1) Subject to paragraph (2) below, the value of the relevant transaction in relation to any goods acquired in the United Kingdom from another member State where-

(a)the goods are charged in connection with their removal to the United Kingdom with a duty of excise, or with car tax; or

(b)on that removal are subject, in accordance with any provision for the time being having effect for transitional purposes in connection with the accession of any State to the European Communities, to any Community customs duty or agricultural levy of the Economic Community,

shall be taken, for the purposes of the Value Added Tax Act 1983, to be the sum of its value apart from paragraph 2 of Schedule 4A to that Act and the amount, so far as not already included in that value, of the excise duty, car tax, Community customs duty or, as the case may be, agricultural levy which has been or is to be paid in respect of those goods.

(2) Paragraph (1) above does not apply to a transaction in pursuance of which there is an acquisition of goods which, under subsection (4) of section 35 of the Value Added Tax Act 1983(2), is treated as taking place before the time which is the duty point within the meaning of that section.

(3) In this regulation "relevant transaction", in relation to any acquisition of goods from another member State, and "relevant time" in relation to any such acquisition, have the meanings given in paragraph 5 of Schedule 4A to the Value Added Tax Act 1983.

Explanatory Note

(This note is not part of the Regulations)

These Regulations prescribe the cases where excise duty, car tax, Community customs duty or agricultural levy is to be included in the value for value added tax of an acquisition in the United Kingdom of goods from another member State of the European Community.