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The Economic Crime Levy (Anti-Money Laundering) legislation uses several specific terms which are defined for its own purposes. It also adopts, with or without modification, certain terms, and their definitions from elsewhere within the Taxes Acts.
This part of the guidance brings together the principal terms and their definitions.
“Accounting period”: In relation to a company within the charge to corporation tax, the accounting period is to be read in accordance with Chapter 2 of Part 2 of CTA09. In relation to any other person, the accounting period is the period for which the person’s accounts are drawn up.
“Appropriate Collection Authority”: Please see ECL11200
“Company”: This takes the meaning given by section 1121(1) of CTA 2010.
“Entity” in the context of the ECL means a person defined by the Interpretations Act 1978.
“ECL”: This is an abbreviation of Economic Crime Levy
“FCA”: This is an abbreviation of Financial Conduct Authority, a financial regulatory body.
“Financial Year”: This is the UK national tax year which runs from 6th April to 5th April in the following year.
“GC”: An abbreviation of Gambling Commission, a non-departmental public body.
“Generally accepted accounting practice”: This has the meaning given by section 1127(1) and (3) of CTA 2010. [BIM31000]
“HMRC” Means His Majesty’s Revenue and Customs
“Money Laundering Regulations”: This means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (as amended from time to time).
“Non-UK resident person” means a person who is not resident in the United Kingdom.
“Regulated business” means a business carried on by a person by virtue of being a relevant person within the meaning of regulation 8(1) of the Money Laundering Regulations.
“Permanent establishment”: In the case of a company, a permanent establishment is to be read in accordance with Chapter 2 of Part 24 of CTA 2010. For any other person, a permanent establishment is to be read in accordance with that Chapter but as if the person were a company [ {#}INTM260000]
“Persons”: The Interpretations Act 1978 defines a person as including a body of persons corporate or unincorporate.
“Relevant accounting period”: Please see ECL22000 for an explanation on how this is decided.
| “Professional Body Supervisor” (PBS): Please see the following for information on what Professional Body Supervisors means: [Office for Professional Body Anti-Money Laundering Supervision (OPBAS) | FCA](https://www.fca.org.uk/about/how-we-operate/who-work-with/opbas) |
“Supervisory authority” means an authority that is a supervisory authority under the Money Laundering Regulations (see regulation 7 of those Regulations). The guidance of who needs to be registered for Money Laundering Regulations supervision can be found here:
“Tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.
“Turnover” means the amounts derived from the provision of goods and services after deduction of trade discounts, value added tax and any other taxes (other than the levy) based on the amounts so derived.
“UK resident person” means a person who is resident in the United Kingdom.
“Financial year”: Financial year is defined in the Interpretation Act 1978 as follows: ““Financial year” means, in relation to matters relating to the Consolidated Fund, the National Loans Fund, or moneys provided by Parliament, or to the Exchequer or to central taxes or finance, the twelve months ending with 31st March.
“FA2022”: means Finance Act 2022
“UK Revenue”: The amount of the UK revenue to be reported for the financial year is taken from the ‘relevant accounting period’ (see ECL23000).
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