HMRC to revise AML supervisory fees from May

In response to the document Anti-money laundering supervision: Discussion about fees the Revenue has decided to introduce a reduced small business fee from 1 May 2019 – businesses with turnover less than £5 000 will pay £180.

From the same date the per premises renewal fee will be increased from £130 to £300. HMRC says this is to ensure it has the funds to tackle risks related to illicit finance in the UK as part of a wider government strategy.

The department says it also needs to increase the number of staff working on compliance activity both face-to-face and desk-based to provide greater coverage of its supervised business population.

Respondents to the document raised concerns about the complexity of the fee structure saying a single fee would be simpler to understand. HMRC will therefore remove the one-off charge to businesses currently levied when...