HM Treasury is consulting until 5 June 2018 on the use of cash and digital payments in the new economy. In particular, the government wants to explore what more can be done to prevent the use of cash to evade tax and launder money. Questions include:
sectors or circumstances in which cash usage is likely to increase tax evasion, hidden economy, and money laundering risks;
business practices or sectors in which large cash transactions are considered necessary or more acceptable;
how government can encourage declarations of activity paid for by cash across the economy, including individuals, intermediaries and businesses (such as encouraging or mandating the use of receipts);
what further action the government should take, including behavioural insights and nudge techniques; and
whether the UK should follow a similar approach to other countries and implement a cash transaction limit.
HM Treasury is consulting until 5 June 2018 on the use of cash and digital payments in the new economy. In particular, the government wants to explore what more can be done to prevent the use of cash to evade tax and launder money. Questions include:
sectors or circumstances in which cash usage is likely to increase tax evasion, hidden economy, and money laundering risks;
business practices or sectors in which large cash transactions are considered necessary or more acceptable;
how government can encourage declarations of activity paid for by cash across the economy, including individuals, intermediaries and businesses (such as encouraging or mandating the use of receipts);
what further action the government should take, including behavioural insights and nudge techniques; and
whether the UK should follow a similar approach to other countries and implement a cash transaction limit.
