Upcoming amendments to UK company law

22nd February 2024 | Company Law

The Economic Crime and Corporate Transparency Act introduce a number changes over the coming years.

Investigation, enforcement and data sharing

More effective investigation and enforcement powers for Companies House, and new powers to share data with law enforcement agencies and other government departments.

• Enhancing the accuracy of data on Companies House registers.

Starting from March 4, 2024, Companies House will be granted increased authority to scrutinise information, implement stricter verification processes for company names, introduce new regulations regarding registered office addresses, and implement new statements outlining lawful purposes.

• Confirmation statement changes

Starting March 4, 2024, new regulations will mandate the provision of a registered email address and require confirmation that the future activities of the company are lawful.

• Changes to Companies House fees

Beginning on May 1, 2024, Companies House will be adjusting fees to reflect new future expenditure and ensure that costs are appropriately recovered from existing expenditure.

• Identity verification

Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity.

• Changes to accounts

Transitioning towards filing accounts by software only, and changes to small company accounts filing options.  

• Personal information Protecting

Individuals will be able to apply to suppress personal information from historical documents, and apply to have personal information protected from public view because of risk of harm.  

• Changes to limited partnerships

Limited partnerships will need to file their information through authorised agents, and they’ll need to file more information with Companies House.

• Transparency of company ownership

New requirements to provide additional shareholder information, and restrictions on the use of corporate directors.