Travellers coming and going from the UK have been reminded by HM Revenue & Customs that a cash declaration rule will soon come into force.

From 15 June, people who are travelling from the UK to a non-EU country and are carrying 10,000 euros (£6,800) or more on their departure wiil have to declare it to the taxman when they leave UK shores. If they are bringing cash into the UK from a non-EU country they will be required to declare the cash on their arrival. 

Travellers could face a penalty of up to £5000 if they fail to comply with the obligation to declare, or provide inaccurate information.

HMRC's head of criminal and enforcement policy Dave Humphries, told creditcontrol.co.uk: 'The declaration system is one means of providing information to assist HMRC in targeting movements of criminal cash more effectively.'

Forms on which to make the declaration will be available at ports or airports and will also be downloadable from the HMRC website.

Further reading:

Taxman seeks right to enter business premises 

A taxman’s lot is not a happy one 

Revenue enforces gear up for international tax swoop