Old style £20 going out of use

I tried to get change for a £10 note in Barclays. I had to pay it into my account and then draw it out.

A figure of £1000 comes to mind (I may be wrong here) before money laundering comes into play. You will need to pay in and draw out frequently. There is nothing to stop you withdrawing it straight away but why risk having all that cash in the house.

If it is honestly come by you should have nothing to fear.

You only have to pay inheritance tax on a certain figure. If your friend would be liable for tax he should thank his lucky stars. In any case it won’t have to be paid until he dies so he won’t be affected anyway.There are plenty who would like to be in that position. We all have to pay taxes one way and another and I have no sympathy for tax avoiders.

A solution would be to give the money away now.

Sorry if that hurts but What’s right is right.

Many thanks everyone for taking the time to reply

There’re pretty much the same conclusions we came to as well. I’m not sure he’s got any accounts worth speaking about and not sure he could explain where he got it from in any great detail - I’m pretty confident it’s nothing illegal - just savings

How much would he be taxed on it if he paid it into his account ? - and what if he couldn’t explain in detail where he got it all ?

£90,000? That will ring all the money laundering bells if he tries to pay it in. If he keeps taking it in in dribs and drabs any bank clerk worth their salt will be suspicious.

As the £20 note was only introduced in 2007 I think he’ll have a bit of explaining to do.

Presumably he has been paid over the years in cash, so it’s time to man up and pay the taxes, he will probably have to prove where he got the money from.

Let’s hope he keeps detailed accounts.

He won’t be able to change much at all He ll have to pay it into an account I m afraid and pay the tax it’s such a large amount

It happened with the old notes years ago I tried to change a couple of hundred for a house bound relative and it was a real job I remember changing a few at a time in different banks because they would only change a small amount per transaction
£90,000 is a huge amount

As far as I know, there is a very low limit on how much you can exchange at the bank without paying it onto an account.
I found this out when I popped into my bank recently to ask them to exchange two £50 notes for smaller denominations. She said they wouldn't exchange more than £200 (which was ok for me on that occasion) , and even then wanted my account details as proof of ID, even though I wasn't paying it in.

That was Barclays. Other banks might have slightly different rules but they are all very strict nowadays.

Investigating

This happened in Trinidad and Tobago at the end of last year. One preacher turned up with 29 million dollars in cardboard boxes. The police are inestigating.?