May 2018 Newsletter – GDPR Special

The General Data Protection Regulation (GDPR)

With GDPR coming into effect tomorrow (25 May) your firm’s preparation should be well advanced but remember that this is the start and not the end of GDPR compliance.

GDPR is principles-based and takes a risk-based approach to data protection. This allows you to decide what steps are appropriate and proportionate for your practice to comply with GDPR, meaning that the approach large practices need to take to get ready for GDPR is likely to be different to the approach smaller firms and sole-practitioners need to take.

To remind you we have produced a sets of FAQs as well as a guidance note and Ten steps to becoming GDPR compliant for CLC firms, however specific enquiries about implementing GDPR into your practice should be directed to the Information Commissioner’s Office (ICO).

The ICO has produced a wide range of supporting material with a Guide to the GDPR  and a package of tools including a dedicated helpline for small businesses and a live chat feature.

We have also recently updated our privacy notice which you can find here.

 

Reporting suspected money laundering

Last week, the National Crime Agency (NCA) published FAQs to assist MLROs when submitting Defence Against Money Laundering (DAML) requests and Suspicious Activity Reports (SARs). We expect that the FAQs will be updated following the introduction of new legislation, regulations and crime trends.

 

Join us in June at one of our CPD sessions around the country

These are open to all Licensed Conveyancers and Conveyancing Technicians as well as anyone else working in CLC-regulated firms and indeed anyone else in the conveyancing industry.

We will be looking at how you can respond to new requirements around:

  • Transparency of price and service information
  • General Data Protection Regulation
  • Money Laundering Regulations

It will also be a chance to put your questions to the CLC team.

Click on the links below to book your free place.

 

12th June

Leicester – 1500-1700

 

13th June

Bristol – 1500-1700

 

14th June

Manchester – 1500-1700

 

20th June

London – 1500-1800

 

 

Stamp Duty Land Tax avoidance schemes

The Government has recently reported in Spotlight 43 a ruling by the Advertising Standards Authority (“ASA”) about misleading advertising on Stamp Duty Land Tax avoidance.

 

HMRC complained to the ASA that a tax avoidance promoter CDP Tax & Wealth – trading as Fiducia Wealth and Tax (“Fiducia”) – was making misleading claims on their website by promoting arrangements that made the payment of SDLT appear optional, contrary to Government guidance.

 

The ASA agreed with HMRC’s submissions and upheld all five complaints made, ruling that Fiducia’s claims must be withdrawn and not repeated.  HMRC state that the ruling sets a precedent so other avoidance promoters cannot make the same claims about similar arrangements.

 

HMRC acknowledge that the vast majority of people pay the right amount of SDLT on time but a small minority engage in tax avoidance. The Government is committed to tackling tax avoidance and will always challenge contrived avoidance arrangements to seek to deliver tax advantages that were never intended by Parliament. This includes taking action to address the behaviours of promoters who do not provide clear and accurate information to their clients and working with other organisations such as the ASA and the legal regulators to raise awareness of SDLT avoidance schemes.

 

Consultation on Review of Licence and Practice Fee Arrangements

The CLC is currently consulting on licence and practice fee arrangements.

 

The consultation paper can be viewed online and responses need to be received by 5pm on Friday 22 June 2018

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