Changes to UK company law

How does the Economic Crime and Corporate Transparency Act impact your company and your responsibilities?

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.

Who will be impacted?

Under the Economic Crime and Corporate Transparency Act, there will be 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

Company types and other corporate entities

The new legislation generally applies to all entities registered with Companies House, including:

• private limited companies 
• public limited companies (PLCs) 
• limited liability partnerships (LLPs) 
• limited partnerships (LPs) 
• community interest companies (CICs) 
• overseas companies 

The legislation applies to companies and other entities registered in England and Wales, Scotland, and Northern Ireland.

Authorised agents

The legislation will also apply to anyone who files on behalf of clients, such as accountants and company formation agents.

You’ll need to register as an authorised agent with Companies House. Authorised agents are also known as Authorised Corporate Service Providers (ACSPs).

Companies House will publish more information soon about how to register as an authorised agent.

New companies

If you’re planning on starting a new company or another entity type, you’ll need to consider the changes and new responsibilities introduced by the act. It’s important to understand how these changes will affect you.

How can I find out more?

Read full details on the changes to UK company law and how this will impact your company including why it is important, changes at a glance and who is affected by the changes.

First published 23 November 2023