People With Significant Control (PSC)

From 6 April 2016 all Limited companies, LLP's or SE's need to keep a register of people with significant control (PSC Register).

A PSC is anyone in a Limited company, LLP or SE who meets one or more of the below conditions as listed in the legislation.  A PSC is someone who:

• owns more than 25% of the company's shares
• holds more than 25% of the company's voting rights
• holds the right to appoint or remove the majority of directors
• has the right to, or actually exercises significant influence or control
• holds the right to exercise or actually exercises significant control over a trust or company that meets one of the first 4 conditions.

Filing PSC Information - 30 June 2016

Companies are already keeping a PSC register by this point.  This information now needs to be filed with Companies House on incorporation and updated when you submit later "Confirmation Statements".

If your company was incorporated before 30 June 2016, you will need to provide this information in your first Confirmation Statement.

It is a criminal offence not to provide this information.
 

Confirmation Statement - from June 2016

From June 2016, the annual return is being replaced.

This is being replaced with the confirmation statement, which has to be filed at least once a year.  You will need to check and confirm the company information that is held by Companies House and let them know of any changes.

Like the annual return, there will be a fee payable to file a confirmation statement.  You can update your record as many times as you need to, but you will only be charged once a year.

 

Company Registers - from June 2016

Private companies will be able to opt to keep certain information on the public register, instead of holding their own statutory registers.  This will apply to registers of:

• members
• directors
• company secretaries
• directors' residential addresses
• people with significant control (PSC)

Implementation Dates