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PSC requirements – What you must do

PEOPLE WITH SIGNIFICANT CONTROL (PSC)

From April 2016

You need to start keeping a record of the people who control your company. There are criminal penalties if you don’t do this.

For most companies these will be individuals who:

  • Hold more than 25% of the company’s shares
  • Hold more than 25% of the company’s voting rights
  • Have the right to appoint or remove the majority of directors

If an individual does not meet the above conditions, check to see if you have anyone who:

  • Has the right to, or actually exercises, significant influence or control over the company

It could also be individual who:

  • Has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above conditions

There is some more information on how to identify your PSCs:
This is the statutory guidance issued by BIS

Protection for people at risk – from 6 April 2016

In exceptional cases an individual may be at risk of violence or intimidation if they’re publicly linked to a certain company. For example, a company that may be targeted by activists. In these cases, the individual may apply to have their details protected and not shown on the public record. The information will still need to be provided to Companies House, but will only be available to certain public bodies, such as the police.

From 30 June 2016

You need to provide us with the details of your PSCs. In most cases you will do this as part of your first confirmation statement.

Your record cannot be blank. If you have no PSCs or you’re still trying to confirm who they are, there’ll be forms to confirm this. For more information:  www.companieshouse.gov.uk/PSC

 

Confirmation statement – from June 2016

This replaces the old annual return. At least once every year you’ll need to review the information we hold about your company and confirm it’s correct or that you’re updating it at the time you make the statement. You’ll be able to do this online.

To complete your confirmation statement, you need to:

  • Check the information we hold on your registered office, directors, and location of registers. If any of these need changing, update them by filing the right form
  • Update your shareholder information, statement of capital and your standard industry classification (SIC codes). This can be done as part of making your confirmation statement
  • Check and confirm your record is up to date
  • Pay the fee

As part of your first confirmation statement you must also provide the information contained in your register of people with significant control (PSC).

If your company information changes at a later date, you can make a confirmation statement to update your record and confirm it’s correct. You can confirm your record is up to date as many times as you need to. You’ll only be charged once each year.

There is more information on the confirmation statement:  www.companieshouse.gov.uk/confirm

 

THIS INFORMATION IS TAKEN FROM COMPANIES HOUSE