Changes to UK company law
The Economic Crime and Corporate Transparency Bill received Royal Assent on 26 October 2023. This was one of the most significant moments in the long history of Companies House.
The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth.
Over time, the measures will lead to improved transparency and more accurate and trusted information on the registers.
The Act has introduced four new objectives for the Registrar of Companies. Companies House will promote these objectives while carrying out their duties.
- To ensure that anyone who is required to deliver a document to the Registrar does so (and that the requirements for proper delivery are complied with).
- To ensure information contained in the register is accurate and that the register contains everything it should.
- To ensure that records kept by the Registrar do not create a false or misleading impression to members of the public.
- To prevent companies and others from carrying out unlawful activities or facilitating unlawful activities by others.
There are new responsibilities for:
- all new and existing company directors
- people with significant control of a company (PSCs)
- anyone who files on behalf of a company.
The first set of changes were introduced under the Economic Crime and Corporate Transparency Act on 4 March 2024, and the following changes have already come into effect:
- Improving the quality of data on the registers
From 4 March 2024, greater powers for Companies House to query information, stronger checks on company names, new rules for registered office addresses, and new lawful purpose statements. - Confirmation statement changes
From 4 March 2024, new requirements to provide a registered email address and to confirm that the intended future activities of the company will be lawful. - Changes to Companies House fees
Fees were increased from 1 May 2024. - Register of Overseas Entities
From 28 February 2025, entities can apply to protect their trust member details if they meet the necessary criteria. From 31 August 2025, information related to trusts on the Register of Overseas Entities will be made available on request. - Suppression of personal information
From 27 January 2025, individuals can apply to suppress certain information from historical documents. - Investigation, enforcement and data sharing
From 4 March 2024, Companies House has more effective investigation and enforcement powers, and new powers to share data with law enforcement agencies and other government departments.
Upcoming changes for 2025 are summarised below:
From 18 March 2025, third-party providers such as Crowe UK, planning on carrying out identity verification checks on behalf of clients need to register as an Authorised Corporate Service Provider (ACSP).
From spring 2025, there will be a phased introduction of identity verification. Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity.
From 8 April 2025, individuals will be able to voluntarily verify their identity directly with Companies House through GOV.UK One Login, or through an ACSP.
By autumn 2025, Companies House will commence the new identity verification requirements where all directors and PSCs for new incorporations will be required to verify their identity at the point of incorporation. There will be a transition period of 12 months for existing companies, who will have to provide identity verification credentials for their directors and PSCs when their confirmation statement is due.
From spring/summer 2025, individuals can apply to suppress personal information from historical documents.
There are further changes planned for 2026 and beyond:
- From spring 2026, limited partnerships will need to file their information through Authorised Corporate Service Providers, and they’ll need to file more information with Companies House.
- New requirements to provide additional shareholder information, and restrictions on the use of corporate directors.
- Filing accounts by software only. To comply with these changes, all companies will need to find a suitable software product. The move to filing accounts by software only will be phased in over the next 2 to 3 years, and companies should receive at least 21 months’ notice ahead of the changes coming in.
