Anything to declare?
New regulations introduced this week could see people fined up to £5,000 if they don’t declare how much cash they are taking out of or bringing in to the country.
From the 15th June, anyone entering or leaving the EU with cash equivalent to 10,000 Euros (approx £6,750) or more, will have to declare the fact they are carrying the money. Under the new reg’s, cash is defined as travellers cheques, money orders, and cheques, in addition to bank notes and coins.
EASY TO EXCEED
Zia Ullah, a specialist Solicitor in regulatory law at Manchester solicitors Pannone LLP, says, “The move is designed to ensure that all large scale movements of cash are known to the authorities,” but warns, “although people think six or seven thousand pounds sounds like a lot of money, they’d probably be quite surprised the number of times they carry such amounts. A family holiday to an exotic location could easily see the limit exceeded, as could a simple need to take money out of the country for a holiday home deposit or property repairs. The reg’s don’t mean you can’t take more than £6,750 but they do mean you must declare it if you are taking over that amount.”
HMRC (Her Majesty’s Revenue & Customs) will require certain information about the cash, including; who’s taking it, the owner of it, the recipient of it, the exact amount and the intended use of the cash amongst other things.
Says Zia Ullah, “The regulations could cause confusion because they have not been widely publicised and innocent people could easily fall foul of the new law. To avoid error, check with HMRC or your solicitor before making an expensive mistake.”
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