HMRC ISSUES DRAFT NOTICES AND LEGISLATION FOR CASH CONTROLS AFTER BREXIT

On 31^st 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 View all posts by raytodd2017