PSC Register – UK private companies (& LLPs) must disclose their beneficial owners as of April 2016
Don’t get caught out!
From 6th April 2016, the Small Business, Enterprise & Employment Act 2015 is introducing new rules on identifying and recording who owns and controls UK companies & LLPs. These entities will have to collect and keep information about people with significant control over them (PSCs). This includes those who own or control (directly or indirectly) more than 25% of them. This is a significant change to UK company law and will affect all UK companies except for listed public companies.
Broadly the new requirements require companies to:
• Keep a PSC register;
• Take reasonable steps to identify those who should be registered on the PSC register;
• Record the PSC’s details and keep the register up to date;
• Make the register available for public inspection; and
• From 30th June 2016, provide all this information to Companies House.
Even if a company has no interests to be registered (or is dormant), it must still keep a register. Criminal sanctions may apply for non-compliance.
The Government is still finalising the details of the new regime and it is expected that the draft statutory guidance will be in final form shortly. We will be receiving a package of documents to help get a PSC register up and running. This will include a form of the PSC register itself as well as the required statutory notices & letters you must send to your shareholders. Unfortunately doing nothing is not an option so watch this space.