From June 15, 2007, if you are travelling to or from a country outside the European Union, you will need to declare any sums of cash of €10,000 or more (or the equivalent in another currency) to HM Revenue & Customs.
The relevant forms will be available at ports and airports. There will be financial penalties for failure to declare the money or provide incomplete or incorrect information.
There is no requirement to declare cash when travelling to or from another EU country.
For these purposes, 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 and 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 your cash is seized, you will be given information on how to appeal against the decision.
The European Union directive for this initiative can be found here on the EU website.
Cambridge Tax Practice Ltd
Tel: 01284 768941
Direct line : 07775 707660