Overview

The Department of Business, Innovation and Skills (BIS) has announced that, following its 2009 consultation on statements of capital, it proposes to make an early change to the financial information required in the statement of capital in the Annual Return.

• The return need only state the total number of shares of the company and their aggregate nominal value and the total number of shares of each class and their aggregate nominal value;

• There is no need to state information about voting rights and amounts paid or unpaid on shares; and

• BIS expects to make this change to the Annual Return from October 2011 and will consult on draft regulations in January 2011.

Companies and their advisers should welcome this simplification, as it will reduce the administrative burden when making an Annual Return. Nabarro provides the details.

To read more click ‘view briefing’.