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Too much cash
From 15 June 2007, individuals travelling to or from a country outside the EU will need to declare any sums of cash of €10,000 (c £6,667) or more (or the equivalent in another currency) to HMRC. The relevant forms to fill out will be available at ports and airports. Failure to declare the money or provide incomplete or incorrect information could result in a financial penalty.
Cash does not need to be declared when travelling to or from another EU country.
The term 'cash' covers:
Too much cash
From 15 June 2007, individuals travelling to or from a country outside the EU will need to declare any sums of cash of €10,000 (c £6,667) or more (or the equivalent in another currency) to HMRC. The relevant forms to fill out will be available at ports and airports. Failure to declare the money or provide incomplete or incorrect information could result in a financial penalty.
Cash does not need to be declared when travelling to or from another EU country.
The term 'cash' covers:
- currency notes and coins;
- bankers' drafts;
- cheques of any kind, including travellers' cheques.
HMRC officers will only seize cash if they have reasonable grounds to suspect it is the proceeds of, or is intended for use in, unlawful conduct.
Seized cash cannot be kept for more than 48 hours without a court order.
A court may order seized cash to be:
- detained while investigations are carried out;
- forfeited permanently if the investigation shows it is associated with criminal activity.
If a person's cash is seized, he will be given information on how to appeal against the decision.
This move has been introduced in order that the UK complies with EC regulation 1889/2005 on controls of cash entering and leaving the EU.
www.hmrc.gov.uk
