§ Mr. Warren
asked the Secretary of State for Trade why the fee for the change of a company's name has been increased from £10 to £40; and if he will quote the legislation which gives the authority for this change.
§ Mr. Clinton Davis
New fees for incorporating a company and for change of name were prescribed by the Companies (Fees) Regulations 1973, Statutory Instrument 1973 No. 2060, dated 6th December 1973, after approval by both Houses of Parliament.
The report of the Company Law Committee—the Jenkins Committee—Cmnd. 1749, paragraph 28, recommended that the fee for incorporating a company should be raised to a level sufficient tocheck the spate of irresponsible incorporations".This had obviously not been met by the fees structure prescribed by the Companies Act 1967. The complicated fees structure, graduated according to nominal capital in 522 steps from £20 to £68, was therefore replaced by one fee of £50.
Experience had shown that a change of name involved approximately 80 per 300W cent. of the work of incorporating a new company and the fee for changing of name was therefore raised at the same time to £40.