With effect from 1 June 2015 the following items may be regarded as “cash” for the purposes of the requirement in Part VA of the Customs and Excise Management Act 1986 to declare or disclose to Customs and Excise if cash of a value in excess of €10,000 is being brought into, taken out of, or is being sent to or from the Island.
- Stored value cards – being a device with a monetary value stored on the device itself, not in an external account maintained by a financial institution.
- Any document, device, coin or token which has a monetary value which is stated or included on, or in, or is ascertainable by reference to the document, device, coin or token and which can be used as, or exchanged for, currency.
The change has been made by the Customs and Excise Management Act 1986 (Importation and Exportation of Cash) Order 2015 [SD 2015/0149], an Order made under section 76A of the 1986 Act.
Notice 9011 MAN has been updated and is available on the Isle of Man Government website from 1 June.
For more information please contact Customs and Excise.
