The Small Business, Enterprise and Employment Act 2015 introduces a new (and complex) requirement for companies to maintain a register of their ‘persons with significant control’ (‘PSC’) intended to achieve transparency in beneficial ownership of UK companies, backed up with criminal sanctions for non-compliance.
This new requirement applies to the majority of UK companies, including charitable companies, and irrespective of their size or turnover will be required to maintain a PSC Register. There are very few exceptions to the rule.
The Government brought in the requirement for all companies to keep a PSC Register from 6th April 2016.
From 30th June 2016 companies will need to include PSC information when submitting their ‘confirmation statement’ at Companies House which will replace the current annual return.
PSCs include shareholders and Directors, but also others who may be acting behind the scenes.
If you require any information relating to the PSC regime, or for advice in relation to your particular circumstances, please contact Lucy Robinson or Richard Palmer.