I wonder if this will really cover all companies, or will there be a get out clause for the accountants' and solicitors' favourite LLP vehicle, where limited liability might legally cloud the issue of who the ultimate beneficial owner actually is. And what about blind trusts?
Still, if Cameron and HMRC have the balls to really deliver (and the Hartnett/Vodafone/Goldmans debacle doesn't bode well), then it's a step in the right direction, and there will be some interesting court cases on the way.