Economic Crime and Corporate Transparency Bill: Companies House fees
This article forms part of a series looking at the measures to be introduced by the Economic Crime and Corporate Transparency Bill (“the Bill”), which intends to deliver a suite of wider-ranging reforms to tackle economic crime and improve transparency over corporate entities.
This article focusses on the proposed expansion of the fee-raising powers of the Registrar of Companies (“the Registrar”).
What is proposed?
As part of the Bill, the government is proposing to expand the fee-raising power of the Registrar of Companies to cover investigative, intelligence and enforcement work that is carried out under current legislation including, but not limited to, the Insolvency Act 1986, the Company Directors Disqualification Act 1986 and the Proceeds of Crime Act 2002.
How will the costs be applied?
The cost of the additional activities will be factored into the calculation to set the level of the incorporation and the annual fees and will have to be paid by all entities seeking to become and/or to remain incorporated.
The level of the fees will continue to be set via regulations, therefore requiring Parliamentary scrutiny and approval.