GDPR – will the new law bring increased fees?
When the GDPR comes into force on 25 May 2018 there will no longer be a requirement to notify – but there will still be a requirement to pay an annual fee. These fees fund the ICO’s work.
A recent consultation exercise revealed the level of fees that the government has in mind:
- £55 for small and medium firms that do not process large volumes of data;
- £80 for small and medium firms that process large volumes of data;
- £1,000 for large businesses.
The threshold between small & medium and large businesses is likely to be headcount of 250 and annual turnover of £50m. The threshold for large volumes of data is proposed to be 10,000 records processed.
The new system is due to start with effect from 1 April 2018. If your notification renewal date falls between now and then you will still need to renew under the current system. Indications are that your obligation to pay at the new rates will not arise until your next annual renewal.
These likely fee increases aren’t massive – but this is just one of the many changes in data protection law that 2018 will bring. We have written previously on several of the GDPR changes and will write more shortly – but please do get in touch if you would like any more information or assistance in relation to the GDPR.
This update is for general purposes and guidance only and does not constitute legal or professional advice. You should seek legal advice before relying on its content. For advice, get in touch with your usual Greenwoods GRM contact or scroll down to complete our enquiry form.