U.K. Import V.A.T. on a 1907 O.A. Bayonet import into the U.K. from the U.S.

[JerryEAL]

If the "FULL" price of the item was correctly placed on the customs form you pay what ever duty is required based on that disclosed value. If the item was insured for full value, it would be hard to avoid the taxes due even if a lessor value (for the benefit of the buyer) was documented in the customs form. That raises flags too.