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PSC requirements for Companies and Limited Liability Partnerships

On 6th April 2016, the Small Business, Enterprise and Employment Act 2015 introduced the requirement for UK companies and Limited Liability Partnerships to keep a register of people with significant control over the company.

The aim of the PSC register is to increase transparency over who owns or controls UK Companies and/or LLP’s.

Who is a PSC?

A person with significant control over a company will meet one or more of the following conditions:

Company Duties and Disclosure Obligations

Companies must take reasonable steps to investigate and identify if there is an individual or relevant legal entity that is registrable. The company should give notice, as soon as reasonable practicable, so that they can supply and confirm particulars. Example notices can be found at Annex 3 and Annex 5 of the Statutory Guidance.

Failure to take steps or give notice required, or keep the PSC register up-to-date, is a criminal offence under Section 790F of the Companies Act 2006, by the company and every officer of the company in default.

There are also disclosure obligations on registrable individuals and relevant legal entities in certain circumstances.

What information is included on the PSC Register?

The required particulars for an individual are:

There are also similar provisions for entities treated as individuals and registrable relevant legal entities, which can be found in the Statutory Guidance.

If a company has no PSCs or is still trying to confirm particulars of who they are, then there are particular forms that confirm this; the PSC register cannot be blank. Annex 2 of the Statutory Guidance provides statements which can be used in these instances.

Requirements from 30 June 2016                   

The PSC register is available to the public and must be made available for inspection at its registered office, although companies can keep this information on the public register at Companies House.

The requirement to send the information on the PSC register to Companies House will come into force from 30th June 2016. In most cases, this can be done as part of a company’s first confirmation statement which replaces the old annual return.

For more information on the PSC register and requirements, please see the Government’s Statutory Guidance. If you require help or advice, contact one of our team today.

Lyndsey Squirrell Trainee Solicitor, Corporate and Commercial. email: lsquirrell@prettys.co.uk.

 

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