Import duty - an allowable expense

[Shipley]

During the past trading year my Ltd company has imported goods from outside the EU for the first time. Naturally, these are subject to shipping + Import Duty + VAT.

The shipping cost, I assume is allowable against Corp Tax.

VAT gets dealt with through the normal quarterly return.

But what is the situation regarding Import Duty? Is this an allowable busiess expense?

I guess this question also influences the Value of Stock at year end?

[pawncob]

Import duty forms part of the cost of the items and is a deduction for tax purposes.
Closing stock should also include the duty as this is a non recoverable item.