Just had an email from the youngest son who works for HMRC a department head, "DECLARE!:Unusual one Gents.
My father in law in Italy has a kilo of gold inherited from his now deceased father. It's provenance and purity is unknown and unknowable at present. The price being what it is he is keen to cash it in but is wary of doing so in Italy due to Italian money laundering rules.
There seem to be no rules stopping the importation of gold into the UK but how best might he go about it? It seems easy enough to carry gold on any international airline but there might well be difficult questions to answer when it pops up on the hand luggage scanner in Pisa airport so another form of transport will be needed.
The vague plan is to drive down and spend a few days in Tuscany, (no hardship there), and come back with the gold in the luggage, avoiding Switzerland who can be funny about these things I gather. Get it to a respected metal refiners in the UK, have it's value deposited in a UK bank account in his name after which he can do as he sees fit with it.
I have no interest in this apart from trying to help him out a bit.
Any holes in the plan? Might there be any tax implications?