Company law has been amended to impose new requirements concerning people with significant control (PSC) of limited companies and limited liability partnerships (LLPs).
Under the changes to the Companies Act 2006 and other legislation, which took effect on 6th April 2016, limited companies (other than listed companies) and LLPs must now keep a PSC register.
There are five circumstances in which an individual is considered to have significant control, including, for example, where they own more than 25% of a company’s voting shares.
Companies and LLPs will be required to provide the information on their PSC register to Companies House from 30th June 2016 when they submit their first annual Confirmation Statement, which has replaced the Annual Return. Companies House will keep a publicly accessible register of PSCs.