Keeping people with significant control registers

It is now a legal requirement for companies and limited liability partnerships (LLPs) to keep a people with significant control (PSC) register from 6 April 2016.

A PSC register lists individuals with ‘significant control’ over a company.

All information on the PSC register must be delivered to Companies House at least once a year from 30 June 2016. This can be done as a confirmation statement, which replaces the annual return from June 2016.

There are no set dates to submit the statement, but no more than 12 months can be passed from the original statement when submitted.

For companies, a PSC is anyone that meets one or more of the following conditions:

• holds more than 25% of the company shares
• holds more than 25% of voting rights
• holds the right to appoint/remove the majority of directors
• has the right to exercise significant influence
• has the right to exercise significant influence or control over a trust or firm that has significant control over a company.

The PSC rules apply to the majority of companies (including charitable companies), LLPs and Societates Europaeae based in the UK.

Structuring and recording information

The following details should be included on a PSC register:

• name
• date of birth
• nationality
• address (both residential and service)
• country of residence
• date they became a PSC (for existing companies the date recorded should be 6 April 2016)
• which conditions of the PSC are met.

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