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New regulations surrounding changes to PSC registers

28 June 2017

Since 6 April 2016, companies and LLPs have needed to keep a register of individuals or legal entities that have significant control over them. This is known as a PSC register.

The rules were updated in June last year to impose further requirements on companies and LLPs, requiring them to deliver this information to the central public register at Companies House when making a confirmation statement, and to send a statement of initial significant control to Companies House, alongside the other documents needed when applying to incorporate.

New regulations have been published this month which will be relevant to companies and LLPs who are required to keep a PSC register.

As of 26 June 2017, if you have transferred shares or undertaken a transaction which has resulted in a change in relation to the people with significant control in your company (PSC), you will need to notify Companies House on forms PSC01 to PSC09.

You will have 14 days to update your register and another 14 days to send the information to Companies House. There are similar requirements for LLPs using forms LLPSC01-LLPSC09.

If you need support on this, please don’t hesitate to contact us. Our expert team will be willing to help. 

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Our corporate & commercial team is rated by national legal guides The Legal 500 and Chambers UK. The department’s expert lawyers can help businesses big or small on a variety of corporate challenges that may arise.

Disclaimer: All legal information is correct at the time of publication but please be aware that laws may change over time. This article contains general legal information but should not be relied upon as legal advice. Please seek professional legal advice about your specific situation - contact us; we’d be delighted to help.
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