Changes to 'Persons with Significant Control' regime

Changes to 'Persons with Significant Control' Regime

As of 6 April 2016, most forms of registered companies in the UK were required to prepare and maintain a new statutory register known as a Persons with Significant Control (‘PSC’) register, which included details of those persons or relevant legal entities that:

• either directly or indirectly holds more than 25% of the shares in the company;
• either directly or indirectly holds more than 25% of the voting rights in a company;
• has the right to appoint or remove a majority of a company's board of directors;
• exercises, or has the right to exercise, significant influence or control over the company; or
• exercises, or has the right to exercise, significant influence or control over the activities of a trust or firm which is not a legal entity, and which itself meets one of the above conditions.

The details of PSCs were required to be registered and updated at Companies House, usually when a company filed its annual Confirmation Statement. However from 26 June 2017 companies are now required to notify Companies House of any changes to its PSCs (including if the details of an existing PSC change) by filing the appropriate form to Companies House.

Companies will have 14 days to update their own PSC register following a change to the PSCs of the company, and a further 14 days to file the appropriate form at Companies House (Forms PSC01 to PSC09).   

If you require any further information or advice on the new PSC regime requirements, or on PSC registers in general, please do not hesitate to contact  Scott Richardson within our Commercial Business team by phone on 01329 227907 or by email on scott.richardson@glanvilles.co.uk.