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HMRC internal manual

VAT Valuation Manual

Background: the general valuation rule

Supplies of goods or services are usually made in return for money. Therefore the value for VAT is normally the price paid or payable excluding the VAT itself. This rule is set out in the VATA 1994, section 19(2).

If the supply is for a consideration in money its value shall be taken to be such amount as, with the addition of the VAT chargeable, is equal to the consideration.

VATVAL02000, “Monetary Consideration”, provides full guidance on the “general rule”.