This was a supporting detail page of the main policy document.
Beneficial ownership is a term used to describe who ultimately owns a company. A small minority of businesses make it extremely hard to understand who ultimately owns and benefits from a business, using complex company structures to conceal the information needed to collect tax. Ahead of the G8 summit that the UK held in June 2013, we announced new rules to bring in further transparency on whom ultimately owns and controls companies. This information is to be held in a central registry maintained by Companies House, where it will be accessible to law enforcement agencies and tax authorities. G8 leaders also agreed to publish action plans on this, to ensure that this is considered internationally too in the global fight against tax evasion and avoidance. This action will make it harder to launder money, evade and avoid tax, finance terrorism, bribe officials, hide stolen assets and evade financial sanctions. Tax authorities will be able to see who owns every company to collect the tax that they are owed.