Companies and the new PSC register
From the 6th April 2016, companies (& LLP’s) are affected by a new law which requires them to maintain a register of the people with significant control over the company.
The PSC (People with Significant Control) Register is going to be an online, free to search list of all beneficial owners of companies.
Companies need to start filing their PSC register from the 30th June 2016. It will form part of the new “Confirmation Statement”, which replaces the Companies House Annual Return.
If you incorporate your business after the 30th June, you will have to provide the PSC register at this point and it means that your data will be searchable immediately.
Although, the home addresses and date of birth of the owners will not be publically displayed, the information must be filed – as well as their nationality.
This new legislation has been brought in to provide transparency for UK businesses, but it will have an impact on the people who want to keep their shareholdings private. This will make life easier for people who believe that their spouse, employee, supplier has significant control over a company – but is not a director - as the data will be easy to search (and free).
The register must be completed and cannot be blank. These rules apply to dormant companies too. If your company is owned by a legal entity (i.e. another company) rather than a person, than this should be entered onto the PSC.
If Change Accountants prepare your Confirmation Statement (previously the Annual Return) we will deal with this register. If not, you must ensure that this is dealt with on the anniversary of your incorporation. It is a criminal offence not to provide this information to Companies House.
If you have any questions on this new legislation or your responsibilities, please contact Tynam at the office or on Tynam@change-accountants.com