HMRC publishes new guidance on estate agency and money laundering

HM Revenue and Customs published new guidance to help estate agents uphold money laundering regulations. HMRC took over supervision of estate agency businesses on 1 April, following the abolition of the Office of Fair Trading.

HMRC has stated that the new guidance will help estate agencies to decide whether existing money laundering regulations apply to them, and understand what responsibilities they have if they do.

Jenny Ottewell, head of Anti Money Laundering Supervision, HMRC, said:

"Our new guidance will help estate agencies decide whether Money Laundering Regulations apply to their business and understand their responsibilities if they do."

Businesses that carry out estate agency work as defined by section 1 of the Estate Agents Act 1979 need to register. This includes:

• Residential and commercial estate agency

• Estate agents who represent either the seller or the buyer (relocation agents/property finding services). This covers estates or interests in land outside the UK.

From 1 April annual fees for registering will be £110 per premises. Businesses renewing their registration will also have to pay this annual flat fee.

The guidance can be found here.

The full press release can be found here.