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What is a Person with Significant Control?

What is a Person with Significant Control?

What is it?

A person of significant control (PSC) is a person or entity that owns or controls your company or LLP. PSC’s must now be recorded at Companies House and must be kept accurate and up to date.

Who is it for?

All companies and LLP’s registered in the United Kingdom.

How does it work?

You will need to identify the person/corporate entity that holds:

  • More that 25% of shares in the company.
  • More than 25% voting rights in the company
  • The right to appoint or remove the majority of the board of directors.

There may be multiple PSC’s who fit these parameters, in which case all of them must be registered.

A PSC does not necessarily have to be a director of the company themselves, though it is common in private limited companies.

If a trust/firm influences or controls your company, you must decide if they meet any conditions of control (per above). If so, any person who controls that trust/firm is a PSC of your company.

A joint shareholding is not counted singly for the PSC register. Instead, every joint shareholder is treated as though they each hold the total number of shares or rights that are held jointly.

If your company is owned by a non-UK registered company, there are different rules that apply to determining the PSC. For more information on this, please contact our Company Secretarial Advisor on the contact details below.

If you are certain your company does not have a PSC then you must register “The company knows or has reasonable cause to believe that there is no registerable person or registerable relevant legal entity in relation to the company” as a statement with Companies House.

What should I do next?

You need to:

  • Identify if any individuals or relevant legal entities have significant control of the company or LLP.
  • Record the details on your PSC register and send this information to Companies House.

Any changes to PSC’s (i.e. new PSC, updating existing PSC details, removing PSC’s etc.) must be reported to Companies House within 14 days, by filing the relevant PSC form.

If you have any queries regarding the above or have any other questions, please do not hesitate to contact Charlotte Leslie on 01865 261119 or email.

 


First Published 22 February 2021
Last Updated 3 November 2021

3 November 2021
You need to:

  • Identify if any individuals or relevant legal entities have significant control of the company or LLP.
  • Record the details on your PSC register and send this information to Companies House.

Any changes to PSC’s (i.e. new PSC, updating existing PSC details, removing PSC’s etc.) must be reported to Companies House within 14 days, by filing the relevant PSC form.

If you have any queries regarding the above or have any other questions, please do not hesitate to contact Charlotte Leslie on 01865 261119 or email.

22 February 2021
First published

Find out more about Charlotte Leslie

Charlotte  Leslie

Charlotte Leslie

Charlotte is our Company Secretarial Advisor

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