Question on depositing cash in Banks

[W4NTED]

Anyone know the amount which can be deposited in the bank without them informing the Inland Revenue?

Before you get wrong idea's I've sold 2 of my watches and the guys paid me cash. Don't want unessesary hassles from the revenue thus asking!

[JamieBeeston]

W4NTED said:

Anyone know the amount which can be deposited in the bank without them informing the Inland Revenue?

Before you get wrong idea's I've sold 2 of my watches and the guys paid me cash. Don't want unessesary hassles from the revenue thus asking!

I thought £10k was the threshold.

J

[W4NTED]

Thanks J but thats the threshold for any amount hitting your account (be it cheques, online transfers, drafts etc). I am after the threshold for cash (bank notes) as he's left me with a bundle or 20 and 50 notes!

[UpTheIron]

IIRC Money Laundering Regs stipulate that any payment over £9k require ID and a credible explanation. Presumably you have receipts / insurance valuations if the watches were over that limit.

That's an NCIS thing though, not HMRC.

[W4NTED]

Yep has it on my home insurance but no receipt as dad gave me it on my 30th.