AccountingWEB has reported that:
HMRC has announced that from 15 June 2007, if you are travelling to or from a country outside the European Union (EU), you will need to declare any sums of cash of 10,000 Euro or more (or the equivalent in another currency) to HM Revenue & Customs (HMRC).
The relevant forms to make the disclosure are available at airports and ports, but the term 'cash' covers:
- currency notes and coins
- bankers' drafts
- cheques of any kind, including travellers' cheques.
You can hear the squeals of protest already arising, but this has to be good news.
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I don’t understand why you think it’s good news that you can hear the squeals ofprotest arising now that HMRC can go through our wallets when we arrive at Liverpool off the ferry from the Isle of Man to see if we’ve got any cheques. I have lived in the Isle of Man for some years now, and I am here because it is beautiful, friendly and civilised. I resent your constant insinuation that all people living here are money launderers or are here to evade (or avoid) tax. The HMRC website states that this new regulation is “under EU law”.
Let us be quite clear here. EC Regulation No.1889/2005 of the European Parliament and of the Council of 26th October 2005 on controls of cash entering or leaving the Community is quite clear in its definitions of cash in Article 2. As far as cheques are concerned, it defines the relevant ones requiring to be declared to be “[those that] are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title thereto passes upon delivery and incomplete instuments signed, but with the payee’s name omitted”
For HMRC to insist that “cheques of any kind” be included is hardly good news for anyone. And unless HMRC is going to prohibit the transmission of cheques by post, or stop me bringing my chequebook in my pocket when I travel to and from the mainland, I’m afraid it is easily circumvented.
Peter Verstage, Douglas, Isle of Man
I don’t think everyone in the Isle of Man is a money launderer.
But what are you doing to get rid of those who are?
And when will you require your politicians to pass laws that stop, rather than help, tax evasion and aggressive avoidance?
Those are the questions you need to ask.
That’s a fair question. But it is easy to see why I don’t vote them out: the finance sector is the driving force behind our economy and enables generous government spending. Without it the economy would collapse completely. I love my adopted country, and nothing would induce me to go back to live in England again, so I have to support the Manx Government’s tax strategy which will pay for all those hospitals and social services which I shall increasingly need as I grow older.
You might think our governement to be immoral in its tax stance. Maybe it is. But at lease it didn’t declare war on Iraq.
I’m sorry to say that I’m not really convinced by your argument.
Drud dealing provides some with a good living, but it doesn’t mean I can endorse it.
And the reality is that the IoM finance sector does not provide for your generous government spending: as I have shown on this site, the UK pays for that.
As for Iraq, I was always opposed to that war. As someone who has been a Quaker that’s probably not too surprising. But I do also have to add that the IoM’s foreign policy is the UK’s foreign polcy. Your government was a party to that war.