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| UK company formation process 'could rest on current consultation' |
A consultation paper has been issued on changes to the registration of charges created by organisations, which could affect UK company formations.
The Department for Business Innovation and Skills (BIS) has issued the document due to concerns that the Companies Act 2006 provisions have not been revised in line with changes in commercial practice and the law.
Other criticisms included the fact that the particulars registered on the public record are not always an accurate reflection of the charge created and the existing regulations are cumbersome.
Among the views that BIS is seeking are whether the current scheme should be amended in line with the recommendations made by the Company Law Review in 2001.
It is also seeking answers to a number of key questions over the registration of company charges on assets.
John Whiting, tax policy director at the Chartered Institute of Taxation, has suggested that a number of the measures in this year's Budget have made UK tax services easier to manage. |
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