Value for Customs Purposes

[Spydaman]

I've been asked by the seller in Australia what value to put on the paperwork for customs. The watch is not new but is worth about £500. Do I just put the value I paid for it or under-value it or is there some other term I can use.

[rog007]

Some imagine worst case scenarios: it gets lost so want insurance to pay its value; and customs decide to have a close look.

[essayer]

no import duty on watches IIRC, just VAT.
So £500 and pay £100ish duty (plus vat on shipping cost, maybe a small handling fee)
Or gamble under £39 as ‘gift’, but as mentioned above, hard to claim if it goes walkies in transit

[Armitage.Shanks]

So if someone sends you a £3000 watch as a 'present' you still end up with the VAT lump? What a great birthday gift that would be!

[SS2.]

Armitage.Shanks said:

So if someone sends you a £3000 watch as a 'present' you still end up with the VAT lump? What a great birthday gift that would be!

If the watch was shipped DDP (Delivered Duty Paid), the sender would be liable for all costs, taxes included.