Businesses should already be aware that as of last April Companies House introduced a register of the people with significant control (PSC) of a company. This was done when submitting the company’s annual confirmation statement (which replaced the annual return in June 2016).
Companies House have now introduced a requirement to update the PSC register within 14 days of any change, rather than waiting until submission of the confirmation statement.
For those not yet familiar with who qualifies as a PSC they are:
- people who hold more than 25% of a company’s shares
- people who hold more than 25% of a company’s voting rights
- people who have the right to appoint or remove the majority of directors
- any individuals who have the right to exercise or actually exercise significant influence or control
- where a trust or a firm meets one of the first three statements above, any individuals with significant control or influence over that trust or firm
A link to the legislation making the changes can be found here: