ISLE OF MAN CHANGES TRAVELLERS’ CASH REPORTING FROM €10,000 TO £10,000

The Order Paper for the Island’s parliament for 19 January included the Customs and Excise Management Act 1986 (Importation and Exportation of Cash) Order 2020, which substitutes a £10,000 threshold for the previous €10,000 one.  This means that anyone taking or sending cash to or from the Isle of Man (including to and from the UK) which is over £10,000 must make a declaration to customs.  The previous €10,000 threshold was derived from the EU law which previously governed cash declaration requirements in the UK and other EU Member States.

https://www.tynwald.org.im/business/opqp/sittings/20182021/2020-SD-0564-MEMO-PUBLIC.pdf

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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

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