Guidance for estate agencies on HMRC supervision

HMRC has published guidance on how anti money laundering supervision for estate agency businesses will be managed after April 2014, when it takes over this responsibility from the Office of Fair Trading (OFT).

From that date, HMRC will become the supervisor for Estate Agency Businesses under the Money Laundering Regulations 2007. Any business already registered with the OFT will be automatically transferred to HMRC without the need to take action.

HMRC's Anti Money Laundering Supervision Team will take over the OFT's existing cases and other work, and will continue to run seminars as in the past. However, HMRC says it intends to use digital channels such as webinars and YouTube in future to make it easier and cheaper to access information.

Annual fees will be £110 per premise, payable in advance. Premises will remain capped at 20 until the next Anti Money Laundering Supervision Team fee review in 2014. Everyone transferring on 1 April 2014 will pay £110 per premise for the following 12 months. New businesses that register after 1 April 2014 will renew on the 12 month anniversary of their registration date.

The public register of estate agency businesses will also be transferring to HMRC and will be published on its site in April.

The guidance is available here: HERE

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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