People with Significant Control: Changes

people with significant control

You may already be aware from our previous post on this topic, that since April 2016 all companies and LLP’s have been required to maintain a register of People with Significant Control (PSC), containing information relating to individuals or entities who exert, or are in a position to exert, influence or control over that company.

Since the 30th June 2016 it became a requirement for PSC details to be submitted to Companies House as part of the annual Confirmation Statement, hence becoming the means by which any changes, additions or removals from the company’s or LLP’s PSC register are notified to Companies House.

The rules on the notification of changes to a company’s or LLP’s PSC information have now changed; these changes came into effect on the 26th June 2017 in order to comply with the EU Fourth Money Laundering Directive

With immediate effect, you will now need to notify Companies House if you have:

  • A new PSC
  • A change to existing PSC details (e,g. statements, residence, change of address etc)
  • An individual who ceases to be a PSC

In total you will have just 28 days to notify Companies House of any of the above changes from the date they occur. 14 days to record the changes in your company’s PSC register and a further 14 days after this to inform Companies house.

You can use the Companies House Web-filing service to report these changes, or if you prefer, download and complete the relevant forms from their website (PSC01-09, or LLPSC01-09)

We are here to help, so should you have any queries regarding the points raised in this article, please feel free to get in touch