Asked by: Anneliese Dodds (Labour (Co-op) - Oxford East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will take steps to increase the number of staff at Companies House that monitor the accuracy of data on the beneficial ownership register for companies.
Answered by Margot James
Companies House has recently increased the number of staff that deal specifically with beneficial ownership (people with significant control) compliance activities. Companies House plans to further increase this figure over the coming months.
These staff work closely with a number of other bodies who are also involved in ensuring compliance with legislation regarding beneficial ownership.
Asked by: Anneliese Dodds (Labour (Co-op) - Oxford East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask The Secretary of State for Business, Energy and Industrial Strategy, how many reports of concern about money laundering have been made through the Companies House report it facility; and if he will make a statement.
Answered by Margot James
Eight reports about money laundering have been made through the Companies House report it facility. The new report it facility was introduced earlier this year to help improve the integrity of the information on the register of companies. Although it is still in its early stages following implementation, the facility is working well.
Asked by: Anneliese Dodds (Labour (Co-op) - Oxford East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what progress has been made by HM Revenue and Customs to pursue companies that have not registered their beneficial ownership with Companies House; and how much has been collected in fines from such companies.
Answered by Margot James
Responsibility for pursuing companies that have not filed PSC information rests with Companies House. Over 97% of active companies have filed PSC information.
Compliance is Companies House’s primary aim, rather than prosecution. It is taking action to ensure that all companies on the active register report their PSC information. Where companies do not move to comply, Companies House will consider what further action to take. This could lead to investigations being passed to other enforcement agencies who will consider the allegation made and, where appropriate, conduct a criminal investigation, which could lead to prosecution action.
Asked by: Anneliese Dodds (Labour (Co-op) - Oxford East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will take steps to increase the availability of scale-up capital for life science companies.
Answered by Lord Johnson of Marylebone
The Government is strongly committed to the success of the Life Sciences in the UK and is already taking action in key areas to consolidate and build on the strength of the sector. Government welcomes the Life Sciences Industrial Strategy recently launched by Sir John Bell and will respond through a sector deal negotiation.
As part of this commitment, the Government is working hard to support businesses and entrepreneurs across the UK to ensure they can access the finance and wider support they need to grow and have the right conditions for companies to invest long-term. Through the British Business Bank (BBB) Venture Capital Catalyst Fund a £400m expansion was announced at Autumn Statement 2016, which aims to crowd in a total of £1bn for companies looking to scale up.
In addition, work is continuing through HM Treasury’s Patient Capital Review to look into long-term investment in innovative companies with life sciences featuring highly. The Department is working closely with HM Treasury and recommendations from the review will be made to my right hon. Friend the Chancellor for the Autumn Budget.
Asked by: Anneliese Dodds (Labour (Co-op) - Oxford East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, how many companies registered their beneficial ownership information with Companies House by the 30 June 2017 deadline.
Answered by Margot James
3,628,041 companies registered their beneficial ownership information by the deadline. This figure is based on data available on 5 July 2017 to ensure that paper filed documents submitted by the 30 June deadline had been processed.