HMRC have issued new guidance on how to cancel an economic crime (anti-money laundering) levy registration where there is no longer liability to the levy – for example where the business no longer carries on regulated activities or where it falls below the UK £10.2m revenue threshold.
Applications for deregistration are made via HMRC’s online service and should include a reason why and the date from which the business is no longer liable for the levy. Outstanding levy returns should be submitted and final payments made before cancellation and records up to the deregistration date should be retained for six years.
