Author: JP / / Latest News
From 6 April 2016 limited companies and Limited Liability Partnerships (LLPs) in the UK have been required to keep a register of People with Significant Control (PSC) to identify and record the individuals who run their organisations and increase transparency about who owns and controls UK firms.
A person of significant control is someone who owns more than 25% of the shares or voting rights in a company, or who can appoint or remove the majority of directors on the board. The PSC register lists details of the company’s or LLP’s owners including their name, nationality, month and year of birth and their interest in the company, and is additional to existing registers such as those recording information about shareholders and directors. From 30 June 2016 information included in the PSC has had to be declared by companies and LLPs when they file their Confirmation Statement (formerly known as Annual Return) with Companies House.
Failure to submit accurate information on the PSC register is a criminal offence and may result in a fine and or in drastic circumstances a prison sentence up to 2 years.
If Stopfords currently prepare and submit your Confirmation Statement/Annual Return for you we will be sending out an additional document for signature, by email, prior to submission. If you have any questions please do not hesitate to contact the office.