Source · Select Committees · Treasury Committee
Recommendation 54
54
Accepted
Paragraph: 238
The Government should significantly increase the costs of company and Limited Liability Partnership incorporation, including...
Recommendation
The Government should significantly increase the costs of company and Limited Liability Partnership incorporation, including Scottish Limited Partnerships, and should review other Companies House fees to bring them closer to international standards. A fee of £100 for company formation would not deter genuine entrepreneurs, and would raise significant additional funding for Companies House and for the fight against economic crime. It would also help compensate for the wider costs on the public sector of large numbers of company formations.
Government response summary AI-generated
The government has committed to increasing fees for company registration and other services, as set out in the White Paper on Corporate Transparency and Register Reform, and will bring forward legislation in the Third Session to deliver these changes.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
238
Government Response
Accepted
HM Government · verbatim extract
Accepted
As aforementioned, the government is taking concerted action to prevent the misuse of corporate structures and limited partnerships for illicit purposes. This includes advancing Companies House reforms as well as. measures to reform limited partnerships which will also tighten registration requirements, increase transparency, and modernise legislation crack down on abuse. The government is open to considering the case for changing fee levels and also recognises the value of Companies House enforcement activity in helping tackle economic crime and ensuring high standards are upheld within the UK’s business environment. Officials across departments are exploring the viability of proposals to ensure compliance with Managing Public Money principles, appropriate legal cover, and assurance that any changes would be value for taxpayer money. It is important that any proposals to change fees are judged against potential impacts on company creations.
Read the full response on Parliament ↗