How to comply with the Money Laundering Regulations (auctioneers)

HM Revenue and Customs (HMRC) has seen a spike in Stamp Duty Land Tax (SDLT) repayment requests where it’s claimed a property is not suitable for use (NSFU) as a dwelling so the lower, non-residential rates of SDLT apply. However, over 95% of NSFU claims are found to fall well below the required threshold, leaving property owners at risk of penalties.

A recent auction has sent waves of excitement through the world of memorabilia collectors, with items from the legendary British comedian Eric Morecambe achieving record-breaking prices and highlighting the pivotal role of professional auctioneers in accurately valuing, presenting and selling these unique cultural artefacts.

August tends to be one of the quieter months in the auction calendar, however September’s figures demonstrated an extremely positive response, with a nearly 10% increase in lots offered and sold across the UK. As the economy continues to stabilise, it is fantastic to see members report strong demand and growth in performance.

Trading in ivory from the common hippopotamus, killer whale, narwhal and sperm whale will now be banned under The Ivory Act 2018 (Meaning of “Ivory” and Miscellaneous Amendments) Regulations 2025. The new legislation was originally laid in parliament in May 2023, under the previous UK Government, but implementation has been delayed due to a lack of parliamentary time.