IoM Issues Cash Declaration Reminder
by Amanda Banks, Lowtax.net, London
14 April, 2016
The Isle of Man has reminded persons taking or sending cash of EUR10,000 (USD11,250) or more, to or from the island, that they are required to declare it to Customs and Excise.
Failure to make the appropriate declaration, or providing false information, may result in penalties being imposed. Cash that is not declared could be seized.
The obligation to make a declaration applies to cash going to, or coming from, anywhere outside the island. It applies regardless of whether the cash is being carried by someone, or is sent in the mail, by courier service or is contained in freight, a vehicle or a vessel.
The requirement to declare "cash" extends to banknotes or coins in any currency (including counterfeit), postal orders and checks of any kind (including travelers' checks), but excluding checks drawn on a British or Irish bank. It also includes stored value cards and other documents, devices, coins or tokens with a monetary value.
There is a similar obligation to make a declaration to the customs authorities of the United Kingdom or Republic of Ireland where any cash of EUR10,000 or more is moved between the Isle of Man and those countries.
See all of today's news