Details of the proposals were revealed last week, in the Treasury’s Economic Crime Levy consultation. The levy will be either a single fixed percentage of revenue or fixed amounts based on revenue bands, and aims to raise £100m per year to fight economic crime.
Small businesses would be exempt, with three potential annual revenue thresholds under consideration―£1m, £5m and £10.2m.
David Rundle, counsel at WilmerHale, said: ‘The levy rests on the claim that the regulated sector itself stands to benefit directly.
‘Transparency and accountability over how the funds are spent will therefore be critical and will no doubt be a focus of consultation responses.’
Simon Davis, president of the Law Society, said: ‘We have strong concerns that a further unjustified burden will fall on a sector already under strain.’
The consultation ends at 12.15am on 14 October 2020. Find out more at: bit.ly/2OT9Tzm.
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