New Import Allowances

[mickg7dyd]

Hi,
Here's a link to info about the new import levels for travel outside the EU e.g USA. A couple of things I noticed is that they quote the current level as 175 Euros (£120) when it's actually £145 and they are quoting the new level in Euro's too (500 euros) so not sure if that will be based on the rate on 1/1/07 (when the new limit takes effect) or whether it changes with the exchange rate. My biggest rant though is that our Chacellor wanted the limit raised to £1000 but of course as we no longer have any control over what happens in our country he "wasn't allowed" to do this. And people wonder why I would like to leave this country permanently...!!
Import Allowances

Mick.

 

[Amyrlin]

The current UK was set in sterling and not euros, so that is why there is a discrepancy. Shame that it is not until 2007

 

[Laurafoster]

thats a shame it wont hapen untill 2007!

 

[paulh]

when it was set the £-euro rate was better for the pound since the limit was set the £ has droped as the Euro has strengthend.The conversion rate was a few years ago and was set at that in pounds
Paulh

 

[Miffy2003]

Trying to look on the bright side, at least 500E is better than the curent rate, but I preferred the £1000 one.

 

[mickg7dyd]

Hi,
Hate to continue my rant(but I will anyway) the existing limit was set in 1994 long before the Euro existed. My point is I am bringing goods into the UK which as far as I'm aware still has the Pound Sterling as it's currency so at what point will the authorities do the conversion from Euro's to Pounds. Another thing I have wondered about too is how the Revenue calculate the value of the goods you are bringing into the Country. Is it at the exchange rate on the day you return or the day you bought the goods..?

Mick.

 

[heatherbelle]

I would think it would be the exchange rate the day of purchase.

When calculating exchange rates for income tax purposes, an average for the previous year is used.

 

[paulh]

Hi,
Hate to continue my rant(but I will anyway) the existing limit was set in 1994 long before the Euro existed.
Mick.

The euro came into efect in 1999 the limit of £145.00 came in sometime after this not sure of the date, 1994 the alowence was £64.00 which remained untill the £145 limit came in
Paulh

 

[mickg7dyd]

Oh well I guess you just can't believe what you read in the newspapers, even the Times.

Mick.

 

[paulh]

my apologies mickg7dyd i have resurched this my self and it was 1994 when the £145.00 limit was set doent time fly when having fun ( been going to disney since 1990).The new limit was talked about 2-3 years ago thats what might have thrown me
Paulh

 

[Obi Wan Kenobi]

Who actually takes any notice?

Taxation is theft!

 

[Cochise]

Who actually takes any notice?

Taxation is theft!

 

[mickg7dyd]

Hi Obi,
Your pushing at an open door there, but you can bet your bottom dollar when these new limits come in our over zealous authorities will enforce them to the letter as they always do with any new European law bending over backwards to appear be "good Europeans" .

Mick.