A Guide to Registering People with Significant Control
- Price: £3.00
- Published: June 2016
- Type: Business Information Factsheet
- Format: PDF
Limited liability partnerships (LLPs) and most limited companies in the UK (both limited by shares or by guarantee) are now required to hold a register of 'people with significant control', known as a PSC Register. This follows an amendment to the Companies Act 2006 and introduction of the Small Business, Enterprise and Employment Act 2015, the Register of People with Significant Control Regulations 2016 and the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016.
From 30 June 2016, information included in a PSC Register must be sent to Companies House annually in the form of a 'Confirmation Statement' which replaces the Annual Return. Anyone incorporating a new company from 30 June 2016 onwards will also have to send a statement of initial significant control to Companies House when they register their company.
This factsheet defines the meaning of 'people with significant control' and what a PSC Register is. It outlines the information that must be recorded in a register and when the information must be updated. It also explains the penalties for failing to complete a PSC register.