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With the introduction of the Small Business, Enterprise and Employment Act 2015, companies, limited liability partnerships and Societas Europaea must compile and keep up to date a register of people with significant control.
This register must be established by entities from 6 April 2016 and the information will need to be filed at Companies House from 30 June 2016.
PSC is the new term for the policy previously known as beneficial owners. Entities will be required to identify any person or relevant legal entity with significant control and keep information about them in a register for public inspection – that register can be held by the entity or be held online at Companies House. Information requirements will be the same as it currently is for directors, PSC information will be provided to Companies House on incorporation and then every year on the Check & Confirm, including any changes that have occurred during the year. Check & Confirm is the replacement procedure for the annual return from 30 June 2016.
Entities will need to keep their register up to date at all times.
The five specified conditions for PSCs are:
BIS have confirmed that, where for example a British Virgin Islands (BVI) registered company owned a UK company, information about the PSCs of the BVI company would have to be disclosed. A criminal penalty could be levied for failure to comply. The company could also take steps to freeze the shares in certain cases.
Information about a PSC needs to be confirmed by the PSC before it is entered on the register.
If the entity does not have any PSC’s then the register must record this fact it cannot be left blank.
For further information please contact Melvin Leech at Melvin.firstname.lastname@example.org
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Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.