The Small Business, Enterprise and Employment Bill has completed its legislative process and received Royal Assent yesterday.
The most controversial change, a requirement that companies disclose details of those individuals with a significant beneficial interest in its shares, looks likely to take effect in January 2016.
Click here to view table.
Macfarlanes’ client note is available here.
Impact – enactment of the Bill has brought the UK one step closer to significant change to the transparency of UK company ownership and control. The UK is leading the way internationally although the EU’s 4th Money Laundering Directive will also require companies to identify their beneficial owners. Commentators on the Bill have queried the efficiency in the UK legislating early in this area.