HMRC has published new guidance setting out how the new economic crime levy will operate, with a reminder that the first returns and payments will be due in 2023 for individuals and organisations within scope of the levy.
The economic crime levy is an annual charge on entities supervised under the Money Laundering Regulations, SI 2017/692, and with UK revenue exceeding £10.2m per year. Businesses supervised for anti-money laundering purposes by HMRC or the CIOT/ATT will be required to register online with HMRC for the ECL, and submit returns and pay any levy due by 30 September following the end of the financial year. The first payments will be due by 30 September 2023 (covering the financial year 1 April 2022 to 31 March 2023). The guidance also notes that tax agents are not able to register clients for the levy. HMRC intends to publish more detailed guidance on registration later in 2023.
HMRC has published new guidance setting out how the new economic crime levy will operate, with a reminder that the first returns and payments will be due in 2023 for individuals and organisations within scope of the levy.
The economic crime levy is an annual charge on entities supervised under the Money Laundering Regulations, SI 2017/692, and with UK revenue exceeding £10.2m per year. Businesses supervised for anti-money laundering purposes by HMRC or the CIOT/ATT will be required to register online with HMRC for the ECL, and submit returns and pay any levy due by 30 September following the end of the financial year. The first payments will be due by 30 September 2023 (covering the financial year 1 April 2022 to 31 March 2023). The guidance also notes that tax agents are not able to register clients for the levy. HMRC intends to publish more detailed guidance on registration later in 2023.
