Updates to the Register of People with Significant Control (PSC)

Date

Jul 07, 2017

Categories

Key Dates News

In April 2016 Companies House introduced a Register of People with Significant Control of a company (PSC), which requires UK companies to identify and record the people who own or control their company.

Previously, any updates to the PSC register were made when submitting the company’s annual confirmation statement. Now, as of 30 June 2017, Companies House has introduced a requirement to update the PSC register within 14 days of any change, rather than waiting until submission of the confirmation statement.

Such changes could include:

  • Registration of a new PSC
  • Removal of an existing PSC
  • Changing a PSC’s level of control
  • A PSC’s new home address
  • A PSC’s change of name
  • A PSC’s change in country of residence

 

Identifying a PSC

A reminder that a PSC is an individual who meets one or more of the following conditions:

(i)    An individual who holds more than 25% of shares in the company

(ii)   An individual who holds more than 25% of voting rights in the company

(iii)  An individual who holds the right to appoint or remove the majority of the board of directors of the company

There are 2 further conditions that apply in limited circumstances. Your company will only need to identify a PSC who meets condition (iv) if they do not already meet one or more of conditions (i) to (iii):

(iv)  An individual who has the right to exercise, or is actually exercising, significant influence or control (see statutory guidance on www.gov.uk)

(v)   Where a trust or firm would satisfy one or more of the first four conditions, then any individual with significant control over that trust or firm (see statutory guidance on www.gov.uk)

 

Once you have identified the PSCs in your company, their details need to be recorded and updated on your company’s own PSC register, and the information needs to be provided to Companies House. In the majority of cases at Paish Tooth we maintain the files on our clients’ behalf, so we simply request to be notified of any changes as soon as possible, in order to meet Companies House 14 day deadline.

If you have any questions about this requirement please do get in touch.