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New Legislation for Companies - Persons with Significant Control (PSC)

Author: Duncan Mitchell Published: 7th June 2016 09:44

Duncan Mitchell of Towcester's CED AccountancyDuncan Mitchell of Towcester's CED Accountancy

The Small Business Enterprise and Employment Act will see the introduction of Persons with Significant Control (PSC) and the Confirmation Statement which will replace the Annual Return. From April 2016, UK Limited Companies and LLPs are required to keep a register of Persons with significant control (PSC).

Who is a PSC?

A PSC is anyone in a Limited Company or LLP who meets one or more of the conditions listed in the legislation below.

  • owns more than 25% of the Company’s shares;
  • holds more than 25% of the Company’s voting rights;
  • holds the right to appoint or remove the majority of the board of Company directors;
  • has the right to exercise, or actually exercises significant influence or control;
  • has the right to exercise significant influence or control over the activities of a Trust or firm, which in turn meets any of the four conditions above.

This legislation is being introduced to improve transparency of ownership and control of UK businesses, which is also a measure to improve the UK’s reputation as a fair place to do business.

Confirmation Statement – ‘Check and Confirm’

The Annual Return is being replaced with a Confirmation Statement from June 2016, and will not require previously delivered information to be repeated, preventing duplicated information being filed.  There will be no set date each year on which the confirmation statement needs to be made, and it can be made at any time, although no more than 12 months must elapse between Confirmation Statements.

How can CED Accountancy Services help?

If you currently file your Company’s Annual Return, and would like us to start filing the Confirmation Statement on your behalf, please do not hesitate to contact us.

If you have any questions regarding any of this information or any other questions please call Cliff on 01327 358866, or email using Cliff @cedas.co.uk and we will endeavour to answer your queries.

www.cedas.co.uk

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