Leaving the country with a billion in cash

• In the last four years almost a billion pounds in declared cash has been taken outside the EU from the UK
• The declared value of cash taken outside the EU more than doubled between 2014 and 2017
• Every year travellers leaving the UK complete over a thousand C9011 forms declaring at least €10,000 in cash, or equivalent in other currencies
• £12,204,819 was the largest single sum of cash declared on a C9011 form in 2017
   

New research¹ from Direct Line’s SELECT Premier Insurance reveals a dramatic increase in the amount of declared cash being taken outside the EU from the UK, with a 208 per cent increase between 1stApril 2014 and 31st March 2017 (the latest available data). From April 2014 to March 2015 travellers declared a total of £117,474,851 being taken out of the EU via the UK; for the same period in 2016-17 the total sum of cash had risen to £361,341,717.
 

Analysis reveals in the period from 1st April 2014 to 31st August 2017², travellers leaving the UK declared they were taking almost £1 billion in cash out of the EU. Those wishing to travel between the UK and any non-EU country must complete a C9011 form to declare if they are in possession of cash³ worth €10,000 (around £8,900) or more, or the equivalent in another currency. 
 

Over a thousand C9011 forms are completed each year, with the average amount declared by each traveller being £222,310 in cash.  Some travellers are declaring to HM Revenue & Customs millions of pounds, last year the largest amount of cash declared was £12,204,819.

Table One:  C9011 declarations 2014-2017

Source: Direct Line SELECT Premier Insurance
 

People that fail to declare large sums of cash when travelling abroad, or who declare inaccurate information, could face a penalty⁴ of up to £5,000. In addition, even declared cash can be seized by customs officers and kept for up to 48 hours without a court order if they have reasonable grounds to suspect a crime.
 

Nick Brabham, head of SELECT Premier Insurance, says: “People travelling abroad with a substantial amount of money, which could be legitimately used for a property purchase or pay for an event such as a wedding, need to ensure they complete the correct paperwork to avoid a significant fine. It is compulsory to complete a C9011 when leaving the UK with more than €10,000, or equivalent currency, and when travelling with large sums it is important to also check the regulations for the destination country as they could too impose hefty fines or criminal penalties if not declared.
 

“When travelling abroad with cash and valuables it is crucial to check that they are adequately covered, taking explicit notice to stolen and lost policies. SELECT Premier insurance covers valuables including jewellery, watches, cameras, mobile phones and golf clubs against all risks of loss or damage anywhere in the world for up to 60 consecutive days. These policyholders only need to contact Direct Line if they are travelling with any item, other than cash, valued over £10,0005.”
 

For more information on this please visit: https://www.directline.com/select-premier
 

ENDS
 

Notes to editor

¹  Direct Line analysis of a Freedom of Information Act (2000) request made to HM Revenue & Customs made on 22nd August 2017 to investigate the volume of C9011 forms and the value of funds declared being taken out of the EU from the UK.

²  31st August 2017 is the latest available timeframe for data published by HMRC under the Freedom of Information Act request.

³  Cash includes: notes and coins, bankers’ drafts, cheques of any kind (including travellers’ cheques).

³ https://www.gov.uk/bringing-cash-into-uk

⁴ Please note customers would need to check their policy to see what the limit is for cash insured.    Cash includes: notes and coins, bankers’ drafts, cheques of any kind (including travellers’ cheques).  There are two policy levels with SELECT Premier insurance, the lower threshold covers travelling with cash up to the value of £2,500, the higher threshold covers travelling with cash up to the value of £10,000.
 

For further information please contact:

Claire Foster

Direct Line

claire.foster@directlinegroup.co.uk

0165 183 1672
 

Nick Andrews

Citigate Dewe Rogerson

nick.andrews@citigatedewerogerson.com

020 7282 1050
 

About SELECT Premier Insurance
 

Direct Line offers SELECT Premier Insurance to cover homes, cars and valuables of high worth, as well as breakdown cover, pet and travel insurance, all covered under just one policy. When taking out SELECT Premier Insurance, Direct Line will even pay your cancellation charges from your previous policy, making it even easier and affordable to have all your policies under one roof, with one payment plan and one renewal date.

At SELECT Premier Insurance we help you stay in control by offering you a truly personal service. To begin with, one of our accredited insurance advisors will carry out a complimentary individual telephone review with you. Then they’ll give you tailored advice, based on your unique needs, for example, specialist cover for valuables such as fine art and jewellery (without needing to list individual items worth less than £10,000) or for your property portfolio, to ensure you get exactly the right level of cover.

To find out more about what Direct Line SELECT Premier can offer, go to www.directline.com/select or go straight through to an expert, not a machine, on 0800 206 2849
 

Direct Line

Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides motor, home, travel and pet insurance cover direct to customers by phone or on-line.

Direct Line general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
 

Direct Line and UK Insurance limited are both part of Direct Line Insurance Group plc.

Customers can find out more about Direct Line products or get a quote by calling 0345 300 7838 or visiting www.directline.com