On 27 January 2016, the Department for Business, Innovation and Skills ("BIS") published its amended draft statutory guidance on the meaning of significant influence or control in the context of PSC registers, one in relation to companies and the other in relation to LLPs.
For a summary of the previous draft statutory guidance published by BIS on 21 December 2015, please see our Q4 2015 newsletter available on page 1.
The new amendments to the draft statutory guidance include:
- expanding and clarifying the meaning of the right to exercise significant influence or control over a company or LLP; and
- amending and extending the list of excepted roles and relationships with respect to companies and LLPs which will not, on their own, result in a person being considered to be exercising significant influence or control (formerly described as safe harbours) and clarifying that this list is non-exhaustive.
The amended draft statutory guidance was laid before Parliament on 6 April 2016 and can be accessed here:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/498275/Statutory_company_PSC_Guidance.pdf https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/495414/LLP_Statutory_Guidance_for_PSC_register.pdf
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.