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Corporate Transparency And Register Reform

Companies House and the Department for Business, Energy & Industrial Strategy are implementing reforms under the Economic Crime and Corporate Transparency Act 2022 to strengthen beneficial ownership transparency, reduce company register fraud, and improve data sharing with HMRC and other agencies. The reforms address longstanding gaps in verification powers and enforcement, with particular focus on tackling vacant property ownership opacity and reducing the estimated 5–20% of fraudulent UK company registrations. Implementation includes a multi-year integration programme between Companies House and HMRC systems.

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12 Feb 2025 | Written evidence linked

Until April 2024, Companies House had limited powers to check the validity of information provided to it by registered companies. It also had limited enforcement and intelligence–gathering powers, and limited scope to share data with other public bodies. The lack of checks meant it was easy for fraudsters to set up legitimate UK companies for illegitimate means.48 Written evidence we received from RAVAS said that flaws in the verification systems operated by Companies House and HMRC have enab...

Until April 2024, Companies House had limited powers to check the validity of information provided to it by registered companies. It also had limited enforcement and intelligence–gathering powers, and limited scope to share data with other public bodies. The lack …

▤ View document · ↗ GOV.UK
28 Feb 2024 | Written evidence linked

HMRC highlighted a more widespread problem with bogus registrations, where companies hijack taxpayers’ identities in an attempt to defraud HMRC.35 We have received written evidence on the time it takes for HMRC to resolve these cases and the distress this causes to those concerned.36 HMRC told us that Companies House has recently acquired new powers that will allow it to challenge information before it goes on its register as well as remove information. HMRC said that these changes will allow...

HMRC highlighted a more widespread problem with bogus registrations, where companies hijack taxpayers’ identities in an attempt to defraud HMRC.35 We have received written evidence on the time it takes for HMRC to resolve these cases and the distress this …

▤ View document · ↗ GOV.UK
30 Jun 2021 | Written evidence linked

In written evidence Cifas, the UK’s largest cross-sector fraud sharing organisation, told us there should be transparency around the businesses that have been in receipt of COVID-19 support scheme funds, and, in its submission to us, the Fraud Advisory Panel agreed that transparency around fraud and error is “imperative” to maintain public trust and confidence.59 The Counter Fraud Function has said it wants to help ensure the UK is the most transparent government globally in how it deals with...

In written evidence Cifas, the UK’s largest cross-sector fraud sharing organisation, told us there should be transparency around the businesses that have been in receipt of COVID-19 support scheme funds, and, in its submission to us, the Fraud Advisory Panel …

▤ View document · ↗ GOV.UK