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The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023 and will introduce a number of changes over the next few years.
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 Companies House registers.
Under the Act, there will be new responsibilities for:
The new legislation generally applies to all entities registered with Companies House, including:
The legislation applies to companies and other entities registered in England and Wales, Scotland, and Northern Ireland and applies to anyone who files on behalf of clients, such as accountants and company formation agents.
If you are planning on starting a new company or another entity type, you will need to consider the changes and new responsibilities introduced by the act. For existing directors and companies, it is important to understand how these changes will affect you.
Some of the changes include:
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