In March 2020, the chancellor announced the government’s intention to introduce a new levy on anti-money laundering-regulated businesses (including law firms).
HM Treasury will publish a consultation on the levy in spring 2020. The intention is for the levy to commence from 2022/23 onwards.
The consultation will seek views on:
- what the levy will pay for
- which businesses should be paying the levy
- how levy liability will be calculated
- how the levy will be collected and enforced
- how government can ensure there is transparency over levy spend.
The Law Society will be using feedback from members to help shape our engagement with officials and ministers.