HMRC: CDS Data Element 4/10 Currency Codes Updated for Declarations

• HMRC has updated currency codes for Data Element 4/10 in the Customs Declaration Service (CDS) via Appendix 11.
• The statistical value in Data Element 8/6 must always be declared in Sterling (GBP), regardless of the invoice currency.
• Updates include the currency code for the Venezuelan Bolivar being updated to VED, and revisions for other countries like Bulgaria, Croatia, Kosovo, and Zimbabwe.
• For GB declarations, Jersey and Guernsey are treated as Crown Dependencies and Special Fiscal Territories of Great Britain, but not for NI declarations.
• All currency codes declared to CDS must be attached to a specific Data Element amount, and all data tables have been structurally upgraded.

Lawyers and compliance officers advising on customs declarations in Great Britain must ensure their clients use the updated and correct currency codes for Data Element 4/10 in the Customs Declaration Service (CDS) to prevent declaration errors, delays, or potential non-compliance penalties.

Her Majesty's Revenue and Customs (HMRC) has issued significant updates to the currency codes required for Data Element (DE) 4/10 within the Customs Declaration Service (CDS). These revisions are detailed in Appendix 11, which serves as the authoritative guide for customs declarations. The updated guidance encompasses four distinct tables, each serving a specific purpose: Table 1 lists codes by currency, Table 2 by country name, Table 3 covers non-standard country codes, and Table 4 addresses special fiscal territories and countries with customs unions with the EU. Notably, Tables 1 and 2 contain identical information, presenting currency codes, their types, and associated country names, with some country entries including additional details to aid accurate declarations.

Key changes include the update of the currency code for the Venezuelan Bolivar to VED in Tables 1 and 2. Furthermore, currency codes for Bulgaria, Croatia, Kosovo, and Zimbabwe have been revised within these same tables. The guidance now also incorporates details reflecting the UK's recognition of Palestine. Specific updates extend to the currency code, type, and associated information for Puerto Rico (PR), while the codes for Sierra Leone (SLE) and Venezuela (VED) have also been updated. Country names across Tables 1 and 2 have been generally refreshed, with 'Swaziland' now correctly listed as 'Eswatini (formerly known as Swaziland)'. Information has also been expanded for Andorra, European Union, Guernsey, Isle of Man, Jersey, Mayotte, San Marino, and Turkey. All underlying data tables have undergone structural upgrades to enhance usability and accuracy.

For legal and compliance professionals advising on customs declarations, understanding the precise application of these updated currency codes is paramount. Any currency declared to the Customs Declaration Service (CDS) must be directly linked to its appropriate data element amount. This ensures clarity and accuracy in financial reporting for customs purposes. The guidance explicitly states that the invoice currency code used does not influence the currency required for the statistical value declared in Data Element 8/6. This statistical value must, without exception, always be declared in Sterling (GBP), irrespective of the transaction's original currency.

This strict requirement for statistical value in GBP is a critical point for compliance officers and lawyers to communicate to their clients, as deviations could lead to declaration errors. The updated Appendix 11 CDS currency codes are essential for ensuring that all financial aspects of a customs declaration are correctly reported, aligning with HMRC's specifications. Adherence to these guidelines is crucial for avoiding potential delays in customs clearance or penalties for non-compliance, underscoring the need for meticulous attention to detail in every declaration.

The updated guidance provides specific instructions for navigating declarations involving special fiscal territories and Crown Dependencies, a crucial aspect for GB customs declaration currency guidance. For declarations originating in Great Britain only, Jersey (JE) and Guernsey (GG) are explicitly treated as Crown Dependencies that fall under the category of Special Fiscal Territories of Great Britain. This specific classification dictates how their associated currency codes and declarations should be handled within the CDS system. Conversely, for declarations pertaining to Northern Ireland, Jersey and Guernsey are not permitted to be declared under this special status; instead, standard Great Britain details must be applied.

Further clarification has been added to Table 4, which now differentiates more clearly between Special Fiscal Territories of the European Union, Crown Dependencies, and other countries with which the EU maintains a Customs Union. This distinction is vital for accurate reporting, particularly given the complexities of post-Brexit trade arrangements. Legal and compliance teams must ensure their clients are fully aware of these nuanced requirements to prevent errors related to geographical classifications and their impact on currency code usage, especially when dealing with the Venezuelan Bolivar CDS code update or other specific currency changes.

The comprehensive updates to HMRC CDS Data Element 4/10 currency codes necessitate a thorough review of current customs declaration processes. Lawyers and compliance officers advising on customs declarations in Great Britain must ensure their clients use the updated and correct currency codes for Data Element 4/10 in the Customs Declaration Service (CDS) to prevent declaration errors, delays, or potential non-compliance penalties. Particular attention should be paid to the requirement for statistical value to always be declared in Sterling (GBP) and the specific treatment of Crown Dependencies like Jersey and Guernsey for GB declarations. The availability of known error workarounds for certain areas of the instructions also highlights the need for ongoing vigilance and consultation of the latest HMRC guidance.

Accurate and up-to-date information is critical for maintaining compliance and facilitating smooth international trade operations. The detailed lists provided in Appendix 11, including non-standard country codes and their definitions, are indispensable resources. By meticulously applying the revised guidance, businesses can mitigate risks associated with incorrect declarations, ensuring that their customs procedures align with HMRC's evolving requirements. This proactive approach is essential for avoiding disruptions and potential legal repercussions in the complex landscape of customs regulations.

Lawyers and compliance officers advising on customs declarations in Great Britain must ensure their clients use the updated and correct currency codes for Data Element 4/10 in the Customs Declaration Service (CDS) to prevent declaration errors, delays, or potential non-compliance penalties. Particular attention should be paid to the requirement for statistical value to always be declared in Sterling (GBP) and the specific treatment of Crown Dependencies like Jersey and Guernsey for GB declarations.

Source: Original reporting via GOV.UK guidance