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News - EU

18 June 2007
Categories: News

Cash call

Cash call

A new European Union law on travellers declaring cash comes into force tomorrow. People who are either entering the UK from a non EU country, or are travelling from the UK to a non EU country and are carrying 10,000 Euros or more (or the equivalent in other currencies) will be required to declare the cash to HMRC at the place of their departure from, or arrival in, the UK. No declaration is required for people travelling between the UK and other EU countries. Cash not only means currency notes and coins but also bankers' drafts and cheques of any kind (including travellers' cheques).
Forms on which to make the declaration will be available at ports or airports and will also be downloadable from the HMRC internet site. Travellers face a penalty of up to £5,000 if they fail to comply with the obligation to declare or provide incorrect or incomplete information.
HMRC officers will not detain properly declared cash if they have no reason to doubt its legitimacy. However, cash may be seized under the Proceeds of Crime Act 2002 if an officer has reasonable grounds to suspect that it is either the proceeds of, or is intended for use in, unlawful conduct.
HMRC news release dated 14 June 2007

Categories: News
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