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New Register of Persons with Significant Control

4th April 2016

From 6th April 2016 all UK companies limited by shares or guarantee are required to maintain a PSC (Persons with Significant Control) register. This register gives details of individuals with significant control over the company, and forms one of the statutory registers that companies are obliged to maintain.

The PSC register contains details of ‘registerable PSC’s’, who are individuals meeting any of the appropriate conditions who are not ‘non-registerable’.  A non-registrable PSC is an interest held via another company, i.e. a direct holding of more than 25% by an individual would be registerable, whereas a similar holding held by another UK company would not.

In most cases it will be obvious whether a company has a PSC and the identity of such. The law imposes a duty on companies to investigate, obtain and update information on registrable persons.

From June 2016, information on PSC’s has to be filed at Companies House as part of the new Annual Confirmation Statement (which replaces the current Annual Return) and on incorporation of any company. If you have any questions regarding the new PSC register and would like to get in touch, please call us on 01634 846233.

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