The PSC Register: Are you ready for 6 April?

As well as being the start of the new tax year, 6 April is also the date that all companies (unless quoted on a recognised stock exchange) need to start compiling the information to include in their PSC Register.

If you don’t know what the PSC Register is, this is the new register of people with significant control, which every company will now have to maintain.

However if your shares are held in joint names, subject to any nominee arrangements, held by another company in the UK or one registered overseas, held in a trust, or, if you regularly vote together with or in accordance with another shareholder’s opinion, you may also need to be included and need to take advice.

If you think you are a person who is in a position of significant control of a company you must volunteer the fact to the company and provide all the information necessary for the register to be completed. Failure to comply is an offence which on conviction can result in a maximum of 2 years imprisonment or an unlimited fine or both.