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Do the recently introduced PSC Register obligations affect your business?

View profile for Jonathan Craig
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As of 6 April 2016 following amendments to the Companies Act 2006 by the Small Business, Enterprise and Employment Act 2015, most UK companies and limited liability partnerships (LLPs) are now required to keep a register of people with significant control (PSC) over them.

The PSC register should include information about the individuals who own or control companies including their name, month and year of birth, nationality, and details of their interest in the company.  Furthermore, from 30 June 2016, UK companies (except listed companies) and LLPs will need to publically declare this information at Companies House when issuing their confirmation statement, which will replace the annual return from that date.

A person with significant control over a company is defined as one meeting one or more of five specified conditions. Briefly, these conditions are:

  • holding (directly or indirectly) more than 25% of a company’s shares.
  • holding (directly or indirectly) more than 25% of the voting rights of a company.
  • having the right (directly or indirectly) to appoint or control the majority of the board of directors.
  • having the right to exercise, or actually exercises, significant influence or control over a company.
  • having the right, or actually exercises, significant influence or control over a trust or firm which itself satisfies at least one of the above conditions.

Companies need to keep the PSC Register at their registered office (or other inspection address) and it should be available for public inspection.

Should you require any assistance in relation to this subject matter, please do not hesitate to contact Jonathan Craig at jonathan.craig@baker-law.co.uk or 01252 730 754.

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