Is your business complying with the new PSC regime?
01/11/2016 | ACUMEN BUSINESS LAW
On 6th April 2016 new legislation came into force which requires the majority of private companies in the UK to produce, keep and maintain a dedicated register of people with significant control over that company (a PSC register). The new PSC obligations provide additional obligations on UK companies and are designed to capture the identities of individuals and legal entities that have control over UK private companies, whether directly or indirectly. In order to comply with this, each company will need to ensure that it keeps a record of all shareholders (whether individuals or companies) which are considered to have significant control over the company. The company will also need to ensure that this information is provided to Companies House on the submission of its confirmation statement (the document which has recently replaced the annual return).