How to comply with the Money Laundering Regulations (estate agents)

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.

The UK Government introduced the Bill to Parliament on 10 October 2024, proposing significant changes to workers' rights and employer obligations across everything from sick pay to trade union membership. Described as the biggest upgrade to employment rights for a generation, the legislation aims to help create secure economic growth, provide better support for businesses, and raise living standards across the UK.

The Department for Business and Trade (DBT) has published in-depth advice for anti-money laundering (AML) regulated firms to explain the legal protections around sharing client data. The Economic Crime and Corporate Transparency (ECCT) Act 2023 introduced provisions that allow businesses to tackle AML by voluntarily sharing and receiving information, however, agents have raised concerns that they may be liable for breaches of confidentiality.

For many property agents, self-assessment tax returns are the norm. Created in 1996, self-assessment has streamlined tax collection for those with untaxed income who declare and pay tax on it and has evolved into an online mechanism for digital tax returns.