Legal View: Who's in control?

Companies have always had to maintain certain statutory registers, for example a Register of Directors, Register of Shareholders and a Register of Charges. But as result of the Government’s vow to increase corporate transparency, all limited companies and LLP’s in the UK are now required to maintain a People with Significant Control (PSC) register from 6 April 2016.

The PSC Register is the result of a UK-chaired G8 Summit in 2013, where the G8 Leaders recognised the problem of corporate opacity. These requirements have been brought in as part of the provisions of the Small Business, Enterprise and Employment Act 2015.

What is a PSC Register?

A copy of the PSC register will be sent to Companies House on each company’s first annual return filed after the 30 June 2016. The annual return will be re-named as a ‘Confirmation Statement’ with effect from the 30 June 2016 and will be in a new format.For the full feature and to find out your obligations subscribe to the magazine here.