UK cuts Low Value Consignment Relief simplification threshold
The UK has announced that the threshold for the simplification of reporting on Low Value Consignment Relief is to be cut from £160 to £150.
The simplification enables sellers to group multiple transactions in a single batch, and provide just one commodity code. These are used for declaring imports into the EU, via the UK.
LVCR entitles companies or individuals to import goods into the UK, or other EU member state, without VAT or duties. The UK individual LVCR is £16; the threshold for the rest of the EU is between €10 and €22.