Export Statistical Threshold – Annual Review
HMRC Customs Information Paper – CIP (11) 97 issued on 25th November 2011, has announced the annual increase to the export statistical level from £867 to £900, with effect from 1st January 2012.
A bit of background: The export statistical threshold is defined in EU legislation as 1000 EUR in value or 1000 kg in net mass, with the equivalent amount for the UK being fixed originally at £600. This figure worked in the past, but it became necessary to introduce regular reviews to ensure the UK value remained aligned with the Euro exchange rate. Customs Information Paper CIP (10) 77 issued last November introduced a new procedure for annually updating the UK value aspect of this threshold and updated the figure from £600 to £867 for 2011.
The main implications for traders and agents/representatives relate to the completion of export declarations. Simplified export declarations are required for goods which fall below the statistical threshold. Raising the threshold brings more declarations within this simplified declaration process.
HMRC advises David Peters (david.peters@hmrc.gsi.gov.uk) , HM Revenue & Customs, ECSM – Trade Statistics unit at Southend on Sea is the contact for questions about this matter.
