In the latest in the series of blog posts covering the introduction of reforms to the UK corporate governance regime, Peter Collins considers the latest policy paper released by Companies House.
Companies House has released a policy paper detailing a transition plan for upcoming changes to UK company law.
This represents a welcome update to many practitioners who have been left largely in the dark about when significant changes are required to the UK’s corporate reporting regime (not least as many will require a degree of preparation for firms and clients alike).
As our previous articles explain, the Economic Crime and Corporate Transparency Act 2023, which received Royal Assent last year, amends UK company legislation to grant Companies House more authority to challenge filings, query information, correct the public register, and enforce actions.
Key changes introduced by the Act include new identity verification (IDV) requirements for company directors and persons with significant control (PSCs), and restrictions on who can file documents at Companies House, limiting this to ID-verified individuals and authorised corporate service providers (ACSPs).
The Companies House policy paper outlines the following key milestones:
- Spring 2025: Firms regulated by anti-money laundering legislation can register as ACSPs, enabling them to file documents at Companies House and conduct IDV on individuals. Individuals can undergo IDV voluntarily.
- Summer 2025: Companies House will allow access to certain trust information on the Register of Overseas Entities upon request.
- Autumn 2025: Mandatory IDV requirements will be introduced for initial directors and PSCs of newly incorporated companies. Existing companies will have a 12-month transitional period to complete IDV by the next confirmation statement.
- Spring 2026: New filing restrictions will require individuals filing documents to have completed IDV or be registered as an ACSP.
- By end of 2026: Changes to limited partnership law and reforms for greater shareholder transparency will come into effect.
- Future: All accounts will need to be delivered to Companies House via software following an extensive formal notice period, which will be announced in due course.
The paper notes that a firm timetable for all measures cannot be set as some require secondary legislation. Implementation and transitional periods will continue until 2027.
Additionally, the forthcoming prohibition of corporate directors will be enforced, although no specific date is provided.
Under this reform, UK companies will not be allowed to have corporate directors unless all directors of the corporate director have completed IDV.
These changes will be highly relevant to our corporate clients, but equally important to public sector organisations that own and operate corporate entities.
For more information please feel free to contact Peter.
Peter Collins is a Partner at Sharpe Pritchard LLP.
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