Buying stock for cash is not a problem except for privacy

05 October, 2007

Q I prefer to pay cash when I buy stock from the warehouse. Recently one of my regular suppliers has started giving Customs details of cash transactions, including mine. They argue they are legally bound to do this. Is this true?

A In a bid to help fight duty fraud, warehouse keepers are now obliged by law to notify Revenue & Customs of any cash transaction of more than 9,000. They are also required to report any refused cash sales of 9,000 or more, and also have a duty to flag up any transactions where they suspect the buyer is trying to get around the law by splitting a large transaction into a series of smaller ones.

If you are not money laundering and paying duty, you have little to worry about, even though you might be a little uneasy about your loss of privacy.




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Lifting the spirits

I were to sum up alcohol sales over Christmas 2017 in one word, it would be “gin”. At Nielsen, we define the Christmas period as the 12 weeks to December 30 and in that time gin sales were £199.4 million, which means they increased by £55.4 million compared with Christmas 2016. There’s no sign the bubble is about to burst either. Growth at Christmas 2016 was £22.4 million, so gin has increased its value growth nearly two-and-a-half times in a year. The spirit added more value to
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