ECSH51650 - High Value Dealer Supervision

HMRC is the supervisory authority for High Value Dealers (HVDs) – i.e. those making or receiving cash payments for goods totalling 10,000 euros or more in a single transaction or linked transactions – unless the business is already supervised by the Financial Conduct Authority (FCA).

HVDs are required to register with HMRC immediately if they decide to accept or make high value cash payments and cannot accept or make a high value cash payment until they have submitted their application for registration.

Registration is not required if:

• The business only receives payments for services or for a mix of goods and services where the value of the goods is less than 10,000 euros.
• It is a cash business making or receiving payments of less than 10,000 euros.
• The business is only ever paid by credit card, debit card or cheque.

Businesses are required to update their registration and pay their supervisory fees annually.

In situations where there is more than one supervisor for a business, the supervisory authorities may agree between them who will act as supervisor. For further information on dual supervision see ECSH42000.