United Kingdom: £10,000 Cash Threshold for High Value Dealers

UK businesses that accept or make cash payments of £10,000 or more for goods must register with the Tax Authority (HM Revenue & Customs - HMRC) as high value dealers before processing such payments.

The rule applies to a single cash payment of at least £10,000, as well as several linked payments that together reach the threshold. It also covers transactions deliberately divided into smaller payments to avoid the limit. Instalments and payments on account relating to the same purchase are generally treated as linked transactions.

For these purposes, cash includes banknotes, coins and traveller’s cheques. It may also include cash deposited directly into the business’s bank account or paid to another party for the business’s benefit.

The requirement can apply to wholesale and retail transactions, auctions, agency sales and transactions combining goods and services where the goods have a market value of at least £10,000. Businesses must complete their HMRC registration before accepting or making the qualifying cash payment.

Businesses do not normally need to register if they only receive large payments by credit card, debit card or cheque, or if they provide services and the value of any goods supplied remains below £10,000. Businesses that do not intend to accept high-value cash payments should establish a clear written policy and ensure employees understand it.

Registered businesses are subject to the Tax Authority’s annual anti-money laundering supervision and must update their registration and pay the relevant annual fees. The Tax Authority may terminate the registration of businesses that fail to pay the required fees.