HMRC One to Many letters: Economic Crime Levy
17 Sept 2024
The Economic Crime Levy (ECL) is a levy on entities regulated for Anti Money Laundering (AML) with a UK revenue above £10.2m per year. The ECL service opened for registration and submissions in August 2023, with the first returns and payments for ECL being due by 30 September 2023.
HMRC are currently targeting all entities which HMRC believe should have registered and filed / paid but have failed to do so.
- Week commencing 16 September 2024 - to issue a letter to the HMRC Anti Money Laundering Supervision (AMLS) population who have not registered and/or paid.
- November/December 2024 – to issue the same letter to the remaining non-HMRC regulated AMLS population.
A copy of the letter is provided below. It aims to promote awareness of the levy and asks recipients to fulfil their obligations by registering and filing a return where they have not already done so, in order to avoid incurring a penalty.