Step 1: What is the PSC Register?

The Persons with Significant Control (PSC) Register is a public register designed to disclose who has significant control over UK companies. It has been introduced to provide greater transparency of corporate structures in order to discourage tax evasion and criminal activity.

This Register will place a greater administrative and legal burden on you and your company and it is important that you know about these requirements and the sanctions for failure to comply.

The new obligations are a big change to company law and they need your attention urgently. This Guide is designed to help you understand the new requirements but if you need further help in relation to your own particular situation then please do call one of our Partners who will be delighted to assist.

Who needs a PSC Register?

  • ALL UK companies (with the exception of UK listed companies) and all UK limited liability partnerships (LLPs) will be subject to the PSC regime. Click here to go to Government Guidance on PSC Registers.
  • Although we will refer to companies in this guide, all of the points relate equally to LLPs.

When did this become law?

  • 6 April 2016 via The Small Business, Enterprise and Employment Act 2015.

How long do I have to comply and when will it become known that I am not complying?

  • YOU SHOULD BE TAKING STEPS TO COMPLY NOW. Companies ought to have been taking reasonable steps to ascertain who their PSCs are and to compile and maintain a PSC register from 6 April 2016.
  • There is another key date when non-compliance will become a problem as the Annual Confirmation Statement will replace the Annual Return on 30 June 2016. The Annual Confirmation Statement will include a section on PSCs and all Annual Confirmation Statements will have to be filed at Companies House.
  • This means that by the time your company needs to file its first Annual Confirmation Statement you will need to have identified all of the Persons with Significant Control and registrable Relevant Legal Entities (please see below for what constitutes a "Relevant Legal Entity") for your company.

How do I actually create a PSC register for my company?

  • This is actually very simple and should form another register in your company's statutory books. It should look very much like the register of members and register of directors which your company is already required to keep updated. Click here to see the form of a PSC Register

Next Steps?

Or download our complete guide.

© MacRoberts 2016

Disclaimer

The material contained in this article is of the nature of general comment only and does not give advice on any particular matter. Recipients should not act on the basis of the information in this e-update without taking appropriate professional advice upon their own particular circumstances.