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New economic crime levy to be introduced from 2022-23

05 October 2021
Issue: 4811 / Categories: News

The government announced its intention to introduce an economic crime levy in the 2020 Budget and issued a consultation on the design principles of the levy and how it could operate in practice in July 2020.

The Treasury has published its responses to that consultation and is now holding a technical consultation on the draft legislation ahead of its inclusion in the 2021-22 Finance Bill.

The new levy will apply to all anti-money laundering regulated entities with over £10.2m in UK revenue. Entities will pay higher fees the larger their size. It will be collected by the Financial Conduct Authority HMRC and the Gambling Commission.

The levy will apply from 2022-23 (running 1 April 2022 to 31 March 2023)but the first payment will be due only after that year ends in the year 2023-24.

The government will undertake a review of the levy by the end of...

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