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HMRC internal manual

Strategic Goods and Services - BIS Export Licensing and Sanctions - General

HM Revenue & Customs
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Issuing and presentation of licences: values and duplicate licences

BIS generally issues licences showing both the quantity and the value of the goods, although quantity is the prime consideration. If there is a minor discrepancy between the value shown on the licence and the value entered for export, you may ignore it unless the entry value is such that you suspect that the quantity declared has been understated. There may however be a satisfactory explanation for the discrepancy, eg that the goods are invoiced in a foreign currency and the sterling value has altered since the licence was issued owing to currency fluctuations. The words ‘or price ruling at the time of despatch’ or similar may be added after the item value to indicate this.

Except in the case of intra-EC trade where the value for licensing purposes is the exporter’s invoice price, the value for licensing purposes is the FOB open market selling price, ie the price inclusive of transportation costs and all other expenses incurred up to the point where the goods are deposited on board the exporting vessel or aircraft. For goods being exported after processing or repair in the UK, the value for licensing purposes must include the charge for the process and the value of the goods when imported.