TaxPersonal TaxUK visitors face HMRC currency declaration

UK visitors face HMRC currency declaration

Travellers into the UK must make cash declarations to HMRC or face £5,000 fine, as EU's anti-money laundering scheme comes into effect

A new EU anti-money laundering drive has come into effect, which will mean
travellers entering the UK with more than 10,000 euros in currency will have to
make a declaration to HM Revenue & Customs at the place of their departure,
or arrival in the UK.

Under the EU Cash Declaration Scheme, travellers will have to fill in a form
available at ports or airports, or on HMRC’s website.

They could face a
penalty
of up to £5,000
if they fail to comply with the obligation to
declare or provide incorrect or incomplete information.

Dave Humphries, head of criminal and enforcement policy at HMRC, said: ‘The
declaration system is one means of providing information to assist HMRC in
targeting movements of criminal cash more effectively.’

Further reading:

Read
HMRC’s press release

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

3w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

5m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter