On 26 June 2017, new legislation came into force requiring the PSC information for companies, LLPs and SEs on the public record to be current.
Consequently, it will no longer be adequate to submit PSC information on an annual basis using the confirmation statement.
Instead, corporations need to update their PSC register within 14 days of any change and to notify Companies House within 14 days thereafter, of the relevant changes.
Companies, LLPs and SEs need to keep a register of their 'people with significant control' (PSC).
A PSC is someone in your company who:
- Owns more than 25% of the company's shares
- Holds more than 25% of the company's voting rights
- Holds the right to appoint or remove the majority of directors
- Has the right to, or actually exercises significant influence or control
- Holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions
You will need to keep your PSC register as part of your company registers, as these need to be available for inspection.
Before a PSC can be entered on your register you must confirm all of their details with them. The details you need are:
- Date of birth
- Residential and service address
- Country, state or part of the UK where your PSC usually lives
- The date they became a PSC (the earliest date you can use is 6 April 2016)
- The nature of control conditions that apply to them (e.g. they hold more than 25% of your company's shares)
PSC's residential address won't be available on HMRC's public register, and the date of birth will also not be shown. All other PSC information will be available, much like directors and member's details are currently held.
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