HM Revenue and Customs has set out new guidelines on money laundering regulations now it has taken over supervision of estate agents from the defunct Office of Fair Trading.
The guidance will come as little surprise to most agents but it reiterates that agents must register with HMRC if they conduct work under section one of the Estate Agents Act 1979.
This type of work includes, for example:
- sending out property particulars and arranging viewings;
- offering personal advice to potential sellers or buyers;
- receiving and fielding queries from potential sellers or buyers and passing on details to customers;
- providing an energy performance certificate or arranging for it to be provided;
- providing a property valuation;
- providing a plan of a property and taking photographs;
- providing clients with a For Sale' board which contains agency contact details.
You don't need to register if you're a letting agent, an auctioneer already listed with the HMRC as a so-called High Value Dealer or - interestingly - if you are a solicitor carrying on estate agency work as part of that practice as a solicitor but not as a separate business.
If you qualify to register but fail to do so it is an offence. The full guidelines are on www.gov.uk/registration-guide-for-estate-agency-businesses
You can get further information by email on mlrregistrationenquiries@hmrc.gsi.gov.uk or by phone on 0300 200 3700 or by post at:
HMRC Anti Money Laundering Supervision, Alexander House, 21 Victoria Avenue, Southend on Sea, SS99 1AG
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