30.06.17 Updating your PSC Register – the new requirement by Companies House

Since 6 April 2016, most UK companies, including not-for-profit organisations that are incorporated as companies and Limited Liability Partnerships, have been required by Companies House to keep a register of persons with significant control (PSCs) in their business. Under the requirement they were obliged to notify Companies House of any changes to the PSC register in the company’s annual confirmation statement (formerly annual return).

Since the 26 June 2017, companies are required to update their PSC register whenever there is a change. The register must be updated within 14 days of the change. In addition, you must also notify Companies House by filing one of the forms (PSCO1 to PSC09), which can be downloaded from Companies House or filed online. You have 28 days from the day of the change to submit the appropriate form.

It is important to remember that a PSC is not limited to individuals who meet one of the five conditions that determine whether somebody has significant control or influence over a company. A relevant legal entity (RLEs) may also need to be included on a company’s PSC register should they meet the following conditions;

1. It is a legal entity
2. It would meet the definition of a PSC (satisfy one of the five conditions) if it were an individual
3. It is required to maintain its own PSC register, it is a company exempt from publishing a PSC register, or it has to comply with comparable disclosure requirements relating to listed share companies

It is also important to remember that even if a company has no PSCs, this must be noted on the register as it cannot be left blank. A company who has no PSCs must produce a register which has the following statement;

“The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company”.

For more information, read our blog on PSC registers here.

Read the updated guidance, here.

Aspire Comment

This new requirement will mean that company information in the public domain is always kept up to date.

However, this is yet another administration requirement placed upon companies who already have a long list of obligations.

If you have concerns over your obligations, or need help with understanding exactly what’s required from you with regard to maintaining a PSC register, then please give Aspire a call on 0121 445 6178.