02 June 2016
Are you ready for the register of persons with significant control?
It is now a requirement for most UK companies and limited liability partnerships (LLPs) to create and manage a new public register.
This is a register of persons with significant control (PSCs) over the company or partnership.
On a very simple basis, the PSC register identifies the individuals who ultimately own or control more than 25% of a company’s shares, more than 25% of the company's voting rights, or who otherwise exercise control over the company and its management.
From 30 June 2016, the PSC information will have to be included on the new confirmation statement which will replace the annual return that is currently filed at Companies House.
B P Collins has created guidance notes which contain more detailed explanations about how the relevant regulations should be interpreted.
If you are in any doubt as to whether somebody or an entity is a PSC, we would be very happy to help you interpret the rules and ensure that you prepare the register correctly.