Annual revalorisation of the euro to pound
HMRC has published details of revised limits affected by the 2016 revalorisation which came into force from 1 January 2017.
The threshold for qualifying gifts to be free from customs duty and import VAT when arriving in the UK (from outside the EU) has been updated. The threshold which is only available to private individuals has increased to £39 (from £34) effective from 1 January 2017. The relevant legislation has been updated to reflect this change.
The qualifying gifts relief is only available for the receipt of occasional gifts for personal or family use from outside the EU. The relief is not available for any retail purchases.
The low value consignment relief (LVCR) is the threshold below which goods imported from outside the EU are VAT-free. HMRC has announced that the current LVCR threshold of £15 will remain unchanged in 2017.