People with Significant Control

Author - NG Accounting

From 6 April 2016 companies will be required to hold details of people with significant control (“PSC”) as a change to the Companies Act 2006. Details of PSC’s will need to sent to Companies House as part of companies’ Confirmation Statement (which replaces the Annual Return) or on incorporation from 30th June 2016 onwards.

What is not clear at the moment is how to identify a PSC. Some definitions in the current guidance include someone who holds over 25% of shares (either directly or indirectly); someone who has the power to appoint or remove the majority of the Board; and more generally, someone with ‘significant influence or control’ over the company.

The registrar will maintain the PSC information in a central public register. This will mean that the central register will contain a full set of data on all UK companies in scope by July 2017. Companies House will make PSC information publicly available for free in a central register of people with significant control (PSCs)