I hope IO540`s assumption turns out to be a reality with hours counting towards something European, my IMC is up soon and I was wondering wether or not to revalidate.
I did mine with Highland Flying School and as far as I know they still teach this at a very competative rate and can provide next to nothing accomodation very nearby.

I`m not trying to promote them but when I was up there I was impressed with the whole set-up. If I recall it took me 5 days start to finish which was intense but fun..
Theres plenty of connections for getting up North for you Southerners.

Oh noooooooooooooooooo please not again :)

This one has been done to death here and everywhere else.

The IMC Rating gives you two main things:

a) IFR privileges in Class D-G. This bit (this bit only) is limited to UK airspace only in the ANO.

b) It removes the requirement (on all UK issued PPLs) of having to be in sight of the surface at all times. This enables VMC on top flight, above a solid overcast. The removal of this requirement (which you also get with the full IR) has no territorial restriction on it.

I have the above in writing from the CAA, and you can read the ANO yourself to check (if you can unravel it).

Obviously if the airspace in which you are flying happens to prohibit VMC on top (under VFR) then you cannot do it there, but I don't know if there is any place in Europe which does so.

The practical application of this is that the UK usually has worse weather than further south, so you can climb out through the cloud leaving the UK, stay VMC on top across France, halfway down France the cloud might peter out, and then you arrive clean VFR. And the opposite on the way back, landing with an instrument approach in the UK. This way you are nice and legal all the way.