On 6 June, research from Open Democracy shows that a detailed analysis of millions of filings at Companies House shows almost 10% of UK businesses still do not declare who their beneficiaries are – often thanks to what campaigners believe is a legal loophole that could facilitate crime, corruption and tax evasion. Most forms of British corporate entities have to name a “person of significant control” – a beneficiary with a stake of 25% or more. It says that the 25% threshold means that vast numbers of companies are able to leave their beneficiaries unidentified, without explanation, and perfectly legally. Other companies illegally ignore the requirements or say they cannot comply with them. The government believes 99% of companies are in technical compliance – partly thanks to the 25% equity threshold requirement – but campaigners have called for the equity threshold to be scrapped and for those who break the rules to be punished.
If you would like to say thanks by making a small contribution, in case I need to upgrade or replace my computers and other paraphernalia, I have a page at https://www.buymeacoffee.com/KoIvM842y