From 6 April 2016 limited companies and limited liability partnerships will need to keep a register of People with Significant Control ( PSC). This is a list of details of individuals and companies which have significant control over your business. The point of the PSC register is to increase transparency over who owns and controls UK companies and will help inform investors and support law enforcement agencies in money laundering investigations.

These are people who meet one or more of the following conditions:

• The person holds more than 25% of your business’ shares.
• The person holds more than 25% of your business’ voting rights.
• The person has the power to appoint or remove a majority of your business’ board.
• The person has the right to exercise significant influence or control over your business regarding the scope of ‘significant influence or control.
• The person has the right to exercise significant influence or control over a trust or a firm that is not a legal entity which itself satisfies any of the first four conditions.

You need to identify the people who have significant control over your business and ask them to confirm relevant information to include in the PSC register. You will need to provide this information as part of your annual return confirmation statement.  You will then need to keep the PSCs up to date and update them when there is a new PSC or someone ceases to meet any of the control conditions.

Good news; If you are our client, we do this for you.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/496738/PSC_register_summary_guidance.pdf

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