The UK Government is consulting on potential legislation to raise funds to fight economic crime. The new law can impose on large organizations such as city law firms, taxes of up to 250,000 GBP.
Ministry of Treasury of Great Britain before it was included in the Finance Act for years 2021-22 collects opinions on the draft tax law, which aims to collect 100,000,000 GBP A year. The tax will be paid by all groups that are subject to British money laundering regulations, including legal practices, banks and accounting companies.
Entities regulated by AML with UK revenue exceeding 10,200,000 GBP will be required to pay a fee that will be collected for the first time in 2023/24. Companies will pay the fee as fixed based on the size range of the company.
According to the draft legislation, an entity with "average" revenues in the UK – defined as from 10,200,000 GBP to 36,000,000 GBP for a year the fee will be charged from 5,000 GBP to 15,000 GBP A year. Persons with ‘large’ income – from 36,000,000 GBP to 1,000,000,000 GBP per year – will be charged to 30,000 to 50,000 GBP A year. Meanwhile, companies with ‘very large’ revenues exceeding 1,000,000,000 GBP per year, will be charged to 150,000 GBP to 250,000 GBP.