Unlocking Transparency: Companies House Transforms with the Economic Crime and Corporate Transparency Act

The Economic Crime and Corporate Transparency Act received royal assent on October 26, 2023, ushering in a transformative phase for Companies House. With a focus on tackling economic crime and fostering economic growth, this act empowers Companies House to play a more significant role. The measures introduced aim to enhance transparency, ensuring more accurate and trusted information on company registers.

Key Changes:

  1. Responsibilities for Individuals:
    • All new and existing company directors
    • People with significant control of a company (PSCs)
    • Anyone filing on behalf of a company
  2. What’s Changing:
    • New measures will be introduced gradually over the next few years.
    • The focus is on improving the quality of data on company registers.
  3. Improving Data Quality:
    • From March 4, 2024, Companies House gains enhanced powers to query information.
    • Stronger checks on company names.
    • New rules for registered office addresses.
    • Introduction of new lawful purpose statements.
  4. Identity Verification:
    • Individuals involved in setting up, running, owning, or controlling a UK company must verify their identity.
  5. Changes to Accounts:
    • Transitioning towards filing accounts by software only.
    • Changes to small company accounts filing options.
  6. Confirmation Statement Changes (From March 4, 2024):
    • New requirements to provide a registered email address.
    • Confirmation that the intended future activities of the company will be lawful.
  7. Companies House Fees:
    • Increased fees to consider new future expenditure.
    • Ensuring costs are recovered from existing expenditure.
  8. Protecting Information:
    • Individuals can apply to suppress personal information from historical documents.
    • Applying to protect personal information from public view due to the risk of harm.
  9. Changes to Limited Partnerships:
    • Limited partnerships must file information through authorised agents.
    • Increased information filing requirements with Companies House.
  10. Enhanced Transparency of Company Ownership:
    • New requirements to provide additional shareholder information.
    • Restrictions on the use of corporate directors.
  11. Investigation, Enforcement, and Data Sharing:
    • Companies House gains more effective investigation and enforcement powers.
    • New powers to share data with law enforcement agencies and other government departments.

This landmark legislation marks a new era for Companies House, setting the stage for improved governance, increased transparency, and a robust framework for combating economic crime. Stay informed about these changes to ensure your company complies with the evolving regulatory landscape. The future holds a more transparent and accountable business environment for all.


source: Changes to UK company law – Changes to UK company law