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Ensuring
safe payment
Ensuring
safe payment is essential
for both the buyer and the seller. Sadly there are fraudulent bank notes, banker's
drafts and of course credit and debit cards around, so prudent checks and procedures
are simply both necessary and wise. | Paying
cash for a private sale
A buyer should hand
over the cash payment for the car in a bank so the seller can go the bank counter
and pay it in straight away. The buyer will be able to see the bank counter clerk
checking and counting the bank notes for credit to the seller's bank account.
So any problems arising from fake or suspect bank notes will hopefully be identified
by the bank at the time with both parties to the underlying transaction present.
Once the cash has been paid in, get the seller to sign a receipt for your payment,
together with a second copy which will be for their retention, and then the seller
can handover the essential vehicle documents and keys. Receipt |
Paying
cash with a trader
Unless a trader is
registered as a High Value Dealer or HVD with HM Revenue and Customs, payments
(High Value Payments or HVPs) in excess of the Sterling equivalent of €15,000
cannot be accepted in cash, whether as a single transaction or in several instalments.
The HVD requirement and HVP limit are part of the UK money laundering regulations
effective from 2007 and a breach by a trader exposes the trader to an HMRC penalty.
More on HVD | |
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