Bruce Wallace Associates London
Bruce Wallace Associates London

Blog

May 2021

6 May, 2021

Q: Who should I include on my PSC register?

A: Part 21A and Schedule 1A to the Companies Act 2006 came into force on 6 April 2016 to increase transparency over who ultimately owns and controls UK companies. Accordingly, all UK companies and limited liability partnerships (LLPs), and UK Societates falling within Part 21A CA 2006 should now be maintaining a register of people with significant control (PSC Register) and continue to take reasonable steps to identify its PSCs or registrable relevant legal entities (RLEs). If there are no registrable PSCs or RLEs, a statement must be made and filed with Companies House. The PSC Register must never be blank. Changes to the PSC Register must be recorded within 14 days and notified to Companies House by filing Form PSC04 (PSC) and/or Form PSC05 (RLE) within a further 14 days.

A PSC is by definition an individual or RLE who meet at least one or more of the following conditions in relation to a company:

Condition 1 – holds, directly or indirectly, more than 25% (in nominal value) of the share capital of the company.

Condition 2 – holds, directly or indirectly, more than 25% of the voting rights in the company.

Condition 3 – holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of the company.

Condition 4 – has the right to exercise, or actually exercises, significant influence or control over the company.

Condition 5 – has the right to exercise, or actually exercises, significant influence or control over the activities of a trust or firm (that is not a legal entity) which would itself satisfy any of Conditions 1 to 4 in relation to the company if it were an individual.

You can find the full guidance for PSC at

https://www.gov.uk/government/publications/guidance-to-the-people-with-significant-control-requirements-for-companies-and-limited-liability-partnerships

If you need any help with your CH filing obligations or with any of your compliance or governance policies generally, please contact us. All our contact details are on our website www.brucewallace.co.uk

Martha Bruce

martha@brucewallace.co.uk

Susan Wallace

susan@brucewallace.co.uk

Chloe Higgins

chloe@brucewallace.co.uk

Adrienne Graham

Adrienne@brucewallace.co.uk

Anne-Marie Palmer

anne-marie@brucewallace.co.uk

Registered office:
118 Pall Mall
London
SW1Y 5ED.

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