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
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.
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
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
Click here to see the form of a PSC Register
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An assignment of rights under a contract is normally restricted to the benefit of the contract. Where a party wishes to transfer both the benefit and burden of the contract this generally needs to be done by way of a novation.
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