Estate agents wins case against HMRC

Posted: 10/6/2017


HMRC has lost a case against an estate agent when it tried to hand out an outrageous fine of £169,000 for simple admin mistakes relating to its Anti-Money Laundering (AMLR) liabilities. Estate agents are required by law to conduct due diligence on their clients to help stop money laundering. Northamptonshire agent Jackson Grundy, was handed the largest fine ever on the last day that the OFT enforced the regulations, before it transferred to HMRC. In fact it was originally £200,000, 17 times larger than any such fine before. This came after a two hour visit to their office. The agent appealed and the case went to tribunal, defended by HMRC, who obviously thought it was a resaonable fine - ???. The tribunal cut the fine to £5,000 but ordered HMRC to pay the agent's legal costs of over £55,000.

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