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News & Blog

PSC Rules Have Slipped Under Many Radars

Posted: 2nd May 2016

New legislation requiring nearly all UK companies to produce a Persons of Significant Control (PSC) Register also went live with relatively little fanfare, so much so that few firms seem to be aware of, let alone compliant with, the new rules.

The rules are onerous, but in relation to individuals a PSC register will need to name all individuals within a company who have significant control within it through a range of criteria, including ownership of more than 25% of the nominal share capital. It should also include any individual who can directly or indirectly control the appointment or removal of a majority of the board as well as anyone who has the overall right to exercise significant influence or control over the company.

Once that is determined, the PSC register must include information on each of the individuals from personal details including their name, service address, nationality, date of birth and usual residential address. It must also give details of the nature of the individual’s control that is exercised within the company.

From 6th April such companies have been required to maintain a PSC Register and by the end of June they must include the information in their confirmation statement, which will replace the annual return at Companies House.

For some companies, completing a PSC register may not be an onerous process but for others, with more complex share-ownership and internal structures, the statements could prove to be a complicated level of red tape with many requiring support from a professional adviser.

Business Comment

Business Comment is the Edinburgh Chamber of Commerce’s bi-monthly magazine. It provides insight on Edinburgh’s vibrant business community, with features on the city’s key sectors, interviews with leading figures and news on new business developments in the capital.
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