Wanting to register or renew and you're in the UK? Need to talk with HMRC as regulator for UK Art Market Participants? Read on for key info.
Points of note:
- You are urged to keep your password in a safe place, ideally encrypted. HMRC has warned us that losing the password has caused some registered businesses difficulty in the past.
- After initially registering and paying the annual fee for trading premises and responsible person/s, the business will need to renew each year. This includes 1) paying the £300 per trading premises (not including the fee per responsible person paid upon initial registration); and 2) re-submitting the AMP supervision questionnaire in your Business Tax Account via gov.uk.
- When HMRC sends you an email message, you need to log into your MLS account to read the message. This means that if you ever receive a message that looks questionable (which we’ve seen happen with genuine communication from the regulator), you can separately log into your account to see if you have really been contacted. It’s for this reason that they communicate in this manner.
URL for registering / renewing your UK Money Laundering Supervision:
https://www.gov.uk/guidance/register-or-renew-your-money-laundering-supervision-with-hmrc
Will you receive a penalty for late registration?
If you’ve already had ‘qualifying transactions’ of 10K+ EUR in works of art, you can expect to pay a penalty. Providing that you’re voluntarily registering and haven’t been requested to do so by HMRC, you’re eligible for a 50% reduction. To receive this, at the time that you submit your AMP registration, email MLRCIT@hmrc.gov.uk and explain that you’re voluntarily registering. This creates an audit trail to support the reduction in fee.
Contact HMRC
- Email: MLRCIT@hmrc.gov.uk
- Or specifically with regard to registration: ecsregistration@hmrc.gov.uk
Further reading
What do you need to do to register as an Art Market Participant (UK)?