From 6th April 2016 companies, Societates Europaeae (SEs) and Limited Liability Partnerships (LLPs) must keep a register of individuals or legal entities that have control over them. This is in addition to keeping other information, such as a register of members and a register of directors.
Under the new rules, companies will be expected to:
- Identify the people with significant control (PSCs) over the company and confirm their information;
- Record the details of the PSC on the company’s own PSC register;
- From 30th June 2016 onwards, provide this information to Companies House as part of the annual Confirmation Statement (formerly the Annual Return); and
- Update the information on the company’s own PSC register when it changes, and update the information at Companies House when the next Confirmation Statement is made
The PSC register will help to increase transparency over who owns and controls UK companies and will help inform investors when they are considering investing in a company. It will also support law enforcement agencies in money laundering investigations.
Failure to provide accurate information on the PSC register and failure to comply with notices requiring someone to provide information are criminal offences, and may result in a fine and or a prison sentence of up to two years.
If you would like any help with maintaining your registers or any other company secretarial matters, please get in touch with your local TaxAssist Accountant who would be happy to take care of this for you.