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Registered Your PSCs Yet?

Every UK company is required to identify the people who are 'persons with significant control' (PSCs). Essentially, PSCs are the people who own or have significant control over the company. Their details must be lodged with Companies House. Surprisingly, although the relevant requirement came in in June 2016, more than 57,000 British companies have not yet identified their beneficial owners.

If Companies House decides to enforce the requirement, the results could be dire for directors who fail to comply as it is an imprisonable offence.

The GOV.UK website provides information on how to identify the PSCs in your company.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.