From 6 April 2016, most UK companies and LLPs will be required to maintain a Register of People with Significant Control (a “PSC Register”). Significant control is defined as a person and/or entity owning more than 25% of the company’s shares or voting rights.
From 30 June 2016, companies and LLP’s are required to file their PSC information at Companies House with the Confirmation Statement (or on incorporation) and to keep the information up to date. The Confirmation Statement replaces the Annual Return.
The register needs to include details of any person who:
- Either directly, or indirectly owns more than 25% of the shares of the company, or is entitled to exercise more than 25% of the voting rights in the company;
- Is entitled to appoint or remove a majority of the board of directors of the company, either directly or indirectly;
- Has the right to exercise significant influence or control of the company;
- Has the right to exercise significant influence or control over the activities of a trust or firm that meets any of the above conditions in relation to the company.
For further information or assistance, please contact Vicki Craig, Partner on 01788 539000.