Important changes are coming that will affect your company regarding People with significant control (PSC).
People with significant control (PSC)
From 6 April 2016 you need to start keeping a record of the people who control your company – your PSC’s. 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
- has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above condition
From 30 June 2016 you need to provide us with the details of your PSCs. In most cases you’ll do this as part of your first confirmation statement. If you don’t have any PSCs or you’re still trying to confirm who they are, you’ll have a selection of statements to choose from.
Also if you believe any of your PSCs should be covered by our protection regime, read the additional guidance carefully for details of how they can apply to have their information protected.
From 30 June the annual return is being replaced by the confirmation statement. 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’ll need to:
- check the information we hold on your registered office, directors and location of registers. If any of these need changing update these 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.
Read the additional guidance on www.gov.uk to make sure you’re fully aware of these changes and understand what you need to do from April 2016.