Exchange controls

摘要

There are no exchange controls in the UK. During the post-EU exit transition period, expected to last until end-2020, the UK is subject to the requirement for free movement of capital throughout the bloc. No currency considerations affect the remittance of dividends, interest, profits or royalties, or for licensing, management, design, and technical and patent fees. Nevertheless, the tax authorities may challenge the level of transfers if they suspect corporate tax avoidance or evasion. Banks monitor transactions for suspected money-laundering, and the law requires them to have a money-laundering reporting officer. They must adequately identify customers when they open accounts and in relation to any transaction exceeding ￡10,000. If the transaction is by an account holder, that is generally sufficient proof of identity. The reporting rules also apply to accountants, auditors, casinos, company- and trust-formation agents, estate agents, insolvency practitioners, lawyers, tax advisers and anyone conducting a business dealing in goods (including auctioneers).