Why is 1 January 2002 a significant date for UK individuals and businesses?
On 1 January 2002, euro cash was introduced in those twelve countries. By 28 February 2002 at the latest their respective national currencies will have been withdrawn from circulation and will have ceased to be legal tender. Individuals and businesses in the UK who have links with the 12 euro area countries must expect to find all financial transactions being carried out in euro only from 1 January 2002. This guidance provides information on the main tax implications for dealing in euro instead of the old national currencies.
