HMRC ISSUES DRAFT NOTICES AND LEGISLATION FOR CASH CONTROLS AFTER BREXIT

On 31st January, HMRC issued draft notices and legislation for cash declaration requirements for cash of €10,000 or more brought or sent into, or sent or taken from the UK.  When (or if?) the UK ceases to be a Member State of the EU cash declarations will still be required, but will additionally be required for cash moving between the UK and other Member States (whereas now declarations are only required for cash going to and from third countries (including the Isle of Man and Channel Islands).  The modified system will (in due course) an electronic reporting system, and will have the threshold expressed in sterling instead of euros.

https://assets.publishing.service.gov.uk/media/5c531e70ed915d7d330945cb/EM_The_Cash_Controls__Amendment___EU_Exit__Regulations_2019.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s