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HMRC’s supervision fees to increase.
HMRC is reviewing the fees charged to the businesses it supervises under the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
In a consultation document the department states that to meet additional legal obligations and strengthen its supervision it needs to recruit more staff. It anticipates that the overall fee income to cover this cost will need to rise by at least 80%.
It has put forward three options on how to raise this money. These are to:
- retain the current fees structure but increase the level of fees significantly;
- charge a two-part fee made of a flat fee of £100 and a turnover-based fee; or
- retain the current approach of charging annually for each premises from which a business operates but increase the fee according...
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