FAQs: Economic Crime and Corporate Transparency Act 2023

From 18 November 2025, identity verification will become mandatory for the incorporation and appointment of new directors and people with significant control (PSCs). Companies House is encouraging individuals to verify their identities as early as possible.

A BBC investigation has revealed that criminals used the UK Government’s unclaimed estates list to commit probate fraud. The list, published on the Gov.uk website, included details of around 6,000 estates left by people who died without a will or known heirs. It was taken offline in July 2025 after evidence showed fraudsters used it to submit fake wills and claim millions of pounds in assets.

The Leasehold and Freehold Reform Act 2024 (LAFRA) was fast tracked through Parliament in May 2024, ahead of the last UK general election, but not all sections of the legislation have yet been brought into force. The reforms affect approximately 4.5 million leasehold homes in England and Wales, but are now being challenged by freeholders, who claim the provisions infringe their human rights.

194 agents have incurred penalties totalling over £1 million for breaches identified by HM Revenue and Customs between October 2024 and March 2025. The vast majority are a result of failing to register for Anti-Money Laundering (AML) supervision on time – the most common reason agents are fined. This highlights how important it is for property professionals to understand the rules, apply correctly, and maintain an up-to-date registration with HMRC.