The department of Business Innovation and Skills (BIS) has commenced a new consultation on the use of corporate directors by UK companies and is also considering how its review of the use of corporate members of LLPs should progress.

BIS in its earlier paper Tax Transparency and Trust (July 2013) sought views prohibiting the use of corporates and it is now building on new proposals that corporate directors should in general be prohibited. However there should be key exemptions for listed companies and their subsidiaries, charitable and pension trustee companies and Societas Europaea (SE).

BIS also considers that LLPs should continue to be allowed to have corporate members and it is asking for information or evidence that should be considered in relation to the abuse or value of corporate members and asks respondents to the consultation whether its review of corporates in LLPS should continue.

Consultation: BIS Corporate Directors: scope of exceptions to the prohibition of corporate directors

Responses by 8 January 2015