Agents have been hit by a surprise 125% hike in the cost of registration for anti-money laundering.
Renewal letters are being sent out by HMRC, which has taken over the anti-money laundering function from the now-defunct OFT.
One agent who received the invoice showing the increased fee was James Hayman-Joyce, of Cotswold agents Hayman-Joyce.
For the last two years, he – like other agents – was paying £49 per office, capped at 20 branches. HMRC has now raised this to £110.
His firm received a refund of £41 in 2011 because the OFT had an income surplus.
Hayman-Joyce said: “How can the Government possibly justify an increase of 125%? Maybe with the huge fines they are dishing out, they will again have a surplus to mitigate our fees next year.”
Other agents have been in touch with Eye to express their dismay at the increases, and to ask how they can have been justified.
One of the OFT’s final deeds, on its last working day, was to dish out fines to three agents totalling £246,665 for alleged breaches of anti-money laundering regulations. It is understood that all three are appealing.
One of the agents, Jackson Grundy, in Northamptonshire, was hit was a fine of £169,652 – understood to be the largest ever to be have been levied on an estate agent by the OFT.
According to HMRC, the new fees are in line with what other businesses pay.
A spokesman said: “Estate agents will pay the same fees as other HMRC-supervised businesses. However, unlike the previous structure, HMRC will not charge an initial registration fee.
“As a transitional measure, the annual fee for estate agents will be capped at 20 premises, pending a fee review later in 2014.”
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What a coincidence. One week agents are hit with heavy fines for not complying and then get hit with big price increases. Looks well organised to me!