Tax & Accounting News

Declaring cash when entering or leaving the UK

08/05/2007

Nigel Lawson abolished UK exchange controls in 1979, but a new EU regulation means that travellers leaving the UK for a country outside the EU, or entering the UK from outside the EU, must complete a declaration if they are carrying cash worth more than €10,000 (about £6,600).

Cash includes notes and coins in any currency, cheques, travellers' cheques and bankers drafts.

Revenue and Customs will be able to question travellers about cash, and seize cash if they have reasonable grounds to suspect that it is the proceeds of unlawful conduct, or intended for unlawful conduct.

For full details, click here.

 

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