From April 2016 it will be a legal requirement for most UK companies and LLPs to have a Persons of Significant Control (PSC) register. In addition, from June 2016 the company will have to send the PSC information to Companies House annually.
There will be ongoing obligation for the company to maintain the register and to investigate when it believes there may have been a change in PSC.
The main purpose of this register is to make sure that the individuals who are the ultimate beneficial owners and controllers of these companies and LLPs are identified, and details of their holdings are made public and help the government combat issues such as tax evasion and money laundering.
In reality for many small businesses, this change will have very little impact, as it will in effect take the place of the annual return and the persons with significant control are the existing directors and shareholders whose details are already made publicly available.
However, there are likely to be a number of businesses that this will affect considerably and the new rules should not be taken lightly as it will be a criminal offence if your company fails to keep and update their register.
If you would like more information on how the introduction of the PSC register will affect your company or details on how it works, or who is and who is not a person with significant control, get in touch with us on 01273 701200 or by email at firstname.lastname@example.org
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