Value Added Tax Act 1994 section 8

Valuation of acquisitions from member States

Section 8 sets out how to determine the value of goods acquired from an EU member State for VAT purposes, covering transactions involving monetary consideration, non-monetary consideration, and mixed consideration.

• The value of goods acquired from a member State is based on the value of the underlying transaction through which they are acquired.
• Where goods are acquired outside a taxable supply, specific valuation rules in this Part apply, and the normal valuation rules in section 19 and Schedule 6 are disapplied.
• If the consideration is wholly or partly in money, the value equals that monetary amount; if it is wholly or partly non-monetary, the value is the equivalent amount in money.
• Where a single monetary payment covers the acquisition and other matters, only the portion properly attributable to the acquisition counts as its value.