buying camera equipment in the USA

Shopping outside the UK has always been popular, going to France has definite benefits if you want wine or beer or coffee or pretty much any super market shopping. However a trip to New York to buy consumer electronics or clothes has always had a certain appeal. BBC news had an opinion piece a few weeks ago about the pitfalls of importing and paying tax. I decided to check this out for myself.
Using an approximate US dollar exchange rate of 1.70, with Vat rate for imports at 17.5 percent seems quite attractive, depending on the import duty and price.
Import duty rate for camera lenses is 6.7 percent (?). The import duty rate for Camera Lenses, under Taric, the tarrifs database for the EU. Some useful instructions are on this site, they help you work out what is going on. Though essentially pick the country you are travelling from into the UK and then browse to the product you want. Film camera bodies attract a rate of 4.2 percent.
Therefore the approximate dollar pound exchange rate is 0.74, including the legal duties and taxes. so a $1000 lens is actually 746 pounds. The import allowance is 145 pounds, which is approximately $250. However given the near 1:1 exchange rate for camera prices, if you are thinking of buying a big ticket item, say that long telephoto lens you have been wanting for this summer, then you could nearly have a holiday in NY on the cost difference.
Approximate USD to UKP prices for a few Canon lenses follows, buying the EF 70-200 f4 L, which in the UK will cost £499, will cost you approximately £406, if you pay duty and VAT.
The EF 300 f4 L IS is £999 and will cost you £829 in New York
The EF 500 f4 L IS is £4699 will cost you £3922
The EF 17-40 L is £569 and you'll pay about £500 for it.
US prices from B&H Photo in New York and converted at a rate of 1.70. UK prices from Warehouse Express, a keenly priced mail order shop with a good reputation.
The savings range from about 100 quid to about 700, taking the exchange rate, the duty and the VAT together you get an approximate difference of about 0.75 of the US Dollar price. The prices are about 20 percent higher than the equivalent UK figure.
Not a bad saving on the whole, not worth a trip to save the costs, but if you are travelling to the US anyway then a good idea. Be aware that Canon in the UK may not honour the year warranty, as the lens was sourced outside the UK.