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Is your company prepared?

The new, People with Significant Control “PSC” register

You have probably read recent reports in the media focusing on corporate transparency. Maitland Walker would like to bring to your attention that the next stage of the new PSC Register regime comes into effect from today, the 30 June 2016.

From the 6 April 2016, a new law came into effect that required all companies to keep a register of people who have a significant influence or control over a company. They are known as PSC’s.

Whilst some companies are exempt, most private companies limited by shares and LLPs will be required to comply with these regulations and many of our clients fall into this category.

The regulations broadly say that a PSC is anyone in a company who:

Owns more than 25% of the companies shares
Holds more than 25% of the companies voting rights
Holds the right to appoint or remove the majority of directors
Has the right to or actually does exercise significant influence or control over the company
Holds the right to exercise or does actually exercise significant control over a trust or company that meets one of the first four conditions.

From 30 June 2016, companies must file their PSC information with Companies House. For most situations this will form part of the information contained in a Company’s “Confirmation Statement” which replaces the Annual Return that companies have filed up to now.

This register will be available to the public to search free of charge from 30 June 2016. 

It is a criminal offence not to provide this information, therefore, it is important to ensure that your PSC information is complete.

If you need any further guidance or help then please contact Guy Bottard at Maitland Walker:

17 The Crescent, Taunton TA1 4EB

01823 745 777

www.maitlandwalker.com