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HMRC internal manual


HM Revenue & Customs
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Valuation for import VAT: exceptions to the normal rules: re-imports: re-importation of jewellery exported on approval

It is a long-standing practice in the precious stone and jewellery trade for dealers to export on approval items belonging to other dealers (or to private individuals).

A strict interpretation of the ownership condition in the returned goods relief that applies to taxable persons would place such dealers outside the terms of the relief.

As that would be inequitable, dealers re-importing unsold jewellery exported in these circumstances are to be regarded as the constructive owners of the items and relief allowed, provided the other conditions of the relief are met.