The PSC Register replaces the Annual Return. All persons or entities with significant control (beneficial owners) of a Company must be entered onto the register as from 30th June 2016. This information must be filed with Companies House as part of the Annual Confirmation Statement. Its aim is to improve the level of transparency of UK companies.
A PSC is an individual/entity to which one or more of the following applies:
- either directly or indirectly holds over 25% of the shares in a company
- either directly or indirectly holds over 25% of the voting rights in a company
- has the right to appoint or remove a majority of the company’s board of directors
- exercises, or has the right to exercise, significant influence or control over the company
- exercises, or has the right to exercise, significant influence or control over the activities of a trust or firm which is not a legal entity, and which itself meets one to the above conditions.
The Company must notify any persons or entities that it believes is registerable for the PSC Register atleast one month before entering them to allow them to provide confirmation of the position. Any person who knows they should be registered is legally obliged to inform the Company of their interest.
This register must be updated on a regular basis. Failure to do so could result in large fines and a criminal conviction.