Draft Register of Overseas Entities (Protection and Trusts) and Limited Liability Partnerships (Application of Company Law) (Amendment) Regulations 2026
I thank both Front Benchers for their constructive and helpful questions. They both eloquently set out why this matters. Turning to their specific questions, as of June, 29 applications had been received. Of those, nine were successful, 19 were rejected and one is currently being considered. With regards to worries about the abuse of trust in the service, we recognise the risks associated with trust structures, partly because their anonymity makes assets easier to hide. The Government also recognise the important role that law enforcement and the public can play in helping to mitigate those risks through greater transparency. Access to trust information is subject to a £55 fee per overseas entry. That creates a deterrent for the type of misuse that the shadow Minister was worried about. When the original draft instrument was laid, as was said before, the structures were in place in Companies House for the recording of that information. Hon. Members on all sides of the House will recognise—not least because of the huge volume of economic crime legislation that has been passed in this place—that there are very heavy burdens on Companies House, as was said by the hon. Member for Maidenhead, and many systems that must be in place. I cannot give a precise date at the moment, but Companies House is working at pace on that. On the question of looking backwards, the regulations do not have a retrospective impact. I would point to the review that is being undertaken by Dame Margaret Hodge, which looks at the wider issue of economic crime and our approach to transparency. Having responded to those questions, I commend the regulations to the Committee. Question put and agreed to.