How to comply with the Money Laundering Regulations (auctioneers)

The UK Government’s Making Tax Digital (MTD) initiative is transforming how taxes are reported and managed, with significant implications for property agents. Self-employed individuals and landlords earning over £50,000 per year must comply with MTD for Income Tax Self-Assessment (ITSA) from 2026, and those earning over £30,000 from April 2027. In her Spring Statement on 26 March 2025, Chancellor Rachel Reeves, MP, announced that the threshold will decrease to £20,000 in 2028.

Fraudsters exploited the vulnerabilities in the property transaction system by stealing a homeowner’s identity and using a fake driving license to set up a bank account in his name to facilitate a sale in 2021. After four years, on 11 March 2025, a County Court finally granted the owner full possession of his home.

Letting agency businesses across the UK need to work to a new framework from 14 May 2025 under the Sanctions and Anti-Money Laundering Act 2018, and it is vital that every agent understands the rules and adjusts working practices and systems accordingly. Through our vast network of members, some confusion has been highlighted around the rules, and we have produced resources to navigate the requirements.

The Propertymark Protected company, Cheffins, purchased the machine in 2024 from an onsite auction which the firm hosted and hopes it could now raise up to £20,000. The fully restored 1963 Fordson Super Dexta will go under the hammer in October 2025, with all proceeds going to the Addenbrookes Charitable Trust.