From: "Andy@nospam.co.uk" 
Newsgroups: uk.finance
Subject: Re: Banks reporting to Inland Revenue
Date: Fri, 13 Aug 2004 17:52:13 +0200

"carman"  wrote:

>"Peter Crosland"  wrote in message
>news:2ns5qhF45n4cU1@uni-berlin.de...
>> > Thanks. That covers reporting "suspicious transactions" to the NCIS,
>> > but I'm having difficulty establishing for certain if banks
>> > automatically report deposits/balances held above a certain amount to
>> > the IR, and what this figure is. Finding specific info on this is
>> > proving difficult.
>>
>> I am not sure if there is a fixed level but I noticed that my local Ford
>> dealer will no longer accept cash amounts of £5,000 or more so maybe that
>is
>> the ballpark figure.
>
>AFAIK any business accepting cash over £10,000 has to obtain (purchase) a
>licence. They then have to obtain and record proof of ID, address, etc from
>the customer.
>

Cash is different, yes you are correct if you regularly handle large
amounts of cash i.e. car sales, real estate etc. Normal business does not
need a license to accept one or two cash payments but you certainly need to
be able to identify the customer who gives you the cash with say passport
copy etc.

Basically Blair and Brown do not want us ordinary people using cash as it
makes us independent and they cannot tax it as easily. (Allright they used
the excuse of terrorism to push the latest laws through)

As a business you are asking for inspections from the IR or others if you
suddenly start putting thousands of pounds in cash in your bank accounts.

Mind you I was always under the assumption that people who took cash did
not put it in to banks as it then left a trail.

Andy