Economic Crime and Corporate Transparency Bill becomes law

Companies House has set out changes as a result of the new act

IP image

In its recent blog, Companies House has summarised the new objectives for the Registrar of Companies as laid out by the Economic Crime and Corporate Transparency Act. The blog also explains what measures Companies House will bring to enhance the quality and reliability of data held by the Register.

As a result of these changes, Companies House expects to increase some of its fees from early 2024, while still keeping them as low as possible as these are set on a cost recovery basis.

Read the Companies House blog and register for future updates from Companies House.

Members can also join our free practitioner webinar series, which includes a session on what the ECCT Act means for your practice and your clients.

Economic crime levy

On a related matter, as pointed out in our earlier article, a new annual Economic Crime levy has been established from September 2023 for medium to very large businesses in the UK which are supervised for a regulated business under the AML regulations.

The full details of the levy and charges are set out in Part 3 Finance Act 2022 (sections 53 to 66).

HMRC has set out details of how to pay the levy in its guidance for those businesses that are under the AML supervision of HMRC or the relevant professional body supervisors.