nans lofty cash find

[sinis]

While over at my nans house at the weekend, we were in the loft area and found a tin. The tin contained a large amount of cash, about 20,000 in used notes.
Grandad had his own business and maybe he was hiding some of the cash, who knows but when he died in 89 his stash remained hidden without my nans knowledge.
The cash is in old notes that arent in current circulation. She is unsure as to how to redeem the cash.
If she takes it to highstreet bank will they just bank it as normal? will they enquire where it has come from?
She is worried as he had his own business as it could cause a problem.
What is the best thing to do?

[wideload]

go to the banks with a small quntity at a time (500 ish). go to any ank that you have an account with and repeat. Then repeat again 3-6 months later.

[N1CK]

go in there and explain the situation theoritically, await the outcome then decide if its best to cash it all in one go or a few hundred at a time.

to be fair i'd go in with all of it, not 500 every now and again as that'd look even more dodgey

[Adenauer]

wideload said:

go to the banks with a small quntity at a time (500 ish). go to any ank that you have an account with and repeat. Then repeat again 3-6 months later.

Should all be paid in by the time your Nan's about a hundred years old

[The Black Flash]

wideload said:

go to the banks with a small quntity at a time (500 ish). go to any ank that you have an account with and repeat. Then repeat again 3-6 months later.

Urrm...at that rate it will take 10 years to get all the cash in...

[bigandclever]

*All* out of circulation notes can be swapped for new ones, on a like for like face-value basis, at the Bank Of Engand.

http://www.bankofengland.co.uk/banknotes/about/exc...

Edited by bigandclever on Monday 15th September 12:26

[Munter]

You can take any old bank note to the bank of england and they will honor it I believe (so long as it was issued by the bank of england). Give them a ring.

[69 coupe]

£20k in the loft,hmm proceeds from the bank job on the high st in 1979
Nice find though if the banks don't accept it, sell the notes bit by bit on Ebay try to get above face value though.

[BoRED S2upid]

Worst case your Nan has to pay some tax? she will most likely be on a very low rate of tax anyhow, most pensioners are.

[Neil_H]

Shame it wasn't in the bank really as I imagine there would be quite a bit of interest on that.

It can be exchanged for current tender, but I'm sure they will be asking questions about where it came from, whether they will investigate and hit her with a tax bill - I doubt it. Just tell them he was a gambler

[Brown and Boris]

Expect to trigger the money laundering regs!

[Mr POD]

So you told your gran about £20K ? what about the rest ?

[dave_s13]

Who's maffs is good enough to work out what that would be worth if it had sat in a current account all that time.

20k would have been a $hitload of cash in them days.

[catso]

Banks will change old notes but I'm pretty certain that if you take £20k in old, used notes to a bank they will have to ask where it's from, something to do with money-laundering/terrorism (read more tax-grabbing) legislation that was brought in by Bliar under the 'war against terror' guise.

Unless you can prove the status of the cash, I would imagine that the HMRC will be after a proportion of it in tax, I don't know whether the Police may take an interest?

[Bushmaster]

If you suspect it is undeclared money on which tax should have been paid then under the proceeds of crime act you are committing a criminal offense by not reporting it.

Welcome to Newlabia's Britain.

HTH.

[jamoor]

If he does trigger "money laundering regs" what can happen really? They begin investigating a man who died almost twenty years ago?

[davido140]

Brown and Boris said:

Expect to trigger the money laundering regs!

I dont think too many consignments of coke straight out of columbia are paid for in out-of-circulation stirling..

[wideload]

The Black Flash said:

wideload said:

go to the banks with a small quntity at a time (500 ish). go to any ank that you have an account with and repeat. Then repeat again 3-6 months later.

Urrm...at that rate it will take 10 years to get all the cash in...

not if you have more than 1 account. I have 4 so i would be looking at 2.5 years, giving a nice income annually.

[johnnywb]

dave_s13 said:

Who's maffs is good enough to work out what that would be worth if it had sat in a current account all that time.

20k would have been a $hitload of cash in them days.

£64,000??

Assuming 6% interest and no tax

20,000 x (1.06)^20

Could be wrong tho

[Munter]

davido140 said:

Brown and Boris said:

Expect to trigger the money laundering regs!

I dont think too many consignments of coke straight out of columbia are paid for in out-of-circulation stirling..

I dont think the system is clever enough to work that out! But I dont expect he'll have a problem. It was the Grandads rainy day tin with a load of used notes stuffed in it. Nothing illegal about it and apart from a bit of tax I'd guess someones Nan is going to have a great christmas this year.