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1. What is a PSC Register?
The PSC register is a new statutory register that most UK companies and LLPs are required to keep from 6th April 2016 as a result of the changes introduced by the Small Business, Enterprise and Employment Act 2015. The aim of the legislation is to ensure that individuals who are ultimate beneficial owners or controllers of a company are identified and details of their interests are made public.
2. Do you need to maintain a PSC Register?
The requirement to keep a PSC Register applies to most UK companies, including single and multi-academy trusts. The requirement also applies to subsidiary trading companies operated by an academy trust.
3. Where do you start?
You must take reasonable steps to find out whether there are any persons who have significant control or influence over the company.
Once you have the information, you must then include it on the PSC Register. The PSC Register must be filed at Companies House after 30 June 2016 when filing the company’s confirmation statement (the replacement for the annual return). You must keep the information on the PSC Register up to date.
4. Who is a person with significant control?
A PSC is an individual who meets one or more of the following conditions:
‘Significant influence” or ‘significant control’ are alternatives and include:
Accordingly:-
This list is not intended to be exhaustive and further advice should be obtained if there are other circumstances which you consider might cause an individual or organisation to fall within the definition of a PSC.
5. What information needs to be included?
You must record in the register the PSC’s
If you have taken all reasonable steps and are comfortable that there are no PSCs, you will need to note this in the PSC Register. The guidance states that the register must say “The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company”.
You must not leave the register blank.
For further advice in relation to this issue please contact Phil Watts or Chris Whittington.
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