{"id":405,"date":"2015-12-30T13:00:33","date_gmt":"2015-12-30T13:00:33","guid":{"rendered":"https:\/\/lancasterclements.co.uk\/?p=405"},"modified":"2015-11-30T12:38:29","modified_gmt":"2015-11-30T12:38:29","slug":"a-new-register-for-all-companies-persons-with-significant-control","status":"publish","type":"post","link":"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/","title":{"rendered":"A new register for all companies &#8211; persons with significant control"},"content":{"rendered":"<h1>A new register for all companies &#8211; persons with significant control<\/h1>\n<p>UK company law already requires certain information on company directors and the registered legal owners of company shares to be made publicly available. One of the aims of the Small Business, Enterprise and Employment Act which passed into law earlier in the year is to ensure that it is clear to anyone doing business with a private company who really controls that business &#8211; its \u2018beneficial owners\u2019.<\/p>\n<p>This will be achieved by requiring UK companies to:<\/p>\n<ul>\n<li>Maintain and keep open for public inspection a register of persons with significant control (PSC)<\/li>\n<li>File PSC information at Companies House (together with an annual \u2018check and confirm\u2019 process which will replace the annual return).<\/li>\n<\/ul>\n<p>The expected implementation dates are for companies to keep a PSC register from April 2016 and to file with Companies House from June 2016.<\/p>\n<p>Apart from companies already subject to similar requirements (such as listed companies), every UK company will be\u00a0required to take reasonable steps to identify every individual who has, directly or indirectly, significant control over the company. It\u00a0is envisaged that the PSC regime will be extended to LLPs through secondary legislation. If the company does not take reasonable steps to identify PSCs the company and its directors could be guilty of a criminal offence.<\/p>\n<p>A PSC will be any individual who has an interest in more than 25% of the shares or voting rights, or who otherwise exercises control over the management. This includes where the 25% interest is held individually or jointly, for example as one of a number of members of a firm that is not a legal person. There are provisions for establishing if an individual has control via a trust or fund.<\/p>\n<p>A PSC will be required to notify the company of their interest (or to confirm their interest to the company). In addition, a company may require any person who it believes knows the identity of a significant controller (or knows the identity of someone likely to have that knowledge) to provide relevant information.<\/p>\n<p>Although this legislation imposes further burdens on companies and some individuals, there is an advantage for all businesses dealing with companies in that it will be possible to check who really controls\u00a0the company.<\/p>\n<p>If you would like any help to steer you through this potentially complex legislation, please\u00a0<a href=\"https:\/\/lancasterclements.co.uk\/contact-us\/\">contact us<\/a>.<\/p>\n<p>If you want to read more about the various topics and services we provide, then please go through our <a href=\"https:\/\/lancasterclements.co.uk\/faqs\/\">FAQs<\/a>.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>A new register for all companies &#8211; persons with significant control UK company law already requires certain information on company directors and the registered legal owners of company shares to be made publicly available. One of the aims of the Small Business, Enterprise and Employment Act which passed into law earlier in the year is [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[31],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All companies - register of persons with significant control<\/title>\n<meta name=\"description\" content=\"Accountants in West Midlands, Wolverhampton, Birmingham,Warwickshire advising business owners on the need for a register of persons with significant control\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"All companies - register of persons with significant control\" \/>\n<meta property=\"og:description\" content=\"Accountants in West Midlands, Wolverhampton, Birmingham,Warwickshire advising business owners on the need for a register of persons with significant control\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/\" \/>\n<meta property=\"og:site_name\" content=\"Lancaster Clements\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-30T13:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-11-30T12:38:29+00:00\" \/>\n<meta name=\"author\" content=\"Mark Cupitt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Cupitt\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/\",\"url\":\"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/\",\"name\":\"All companies - register of persons with significant control\",\"isPartOf\":{\"@id\":\"https:\/\/www.lancasterclements.co.uk\/#website\"},\"datePublished\":\"2015-12-30T13:00:33+00:00\",\"dateModified\":\"2015-11-30T12:38:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.lancasterclements.co.uk\/#\/schema\/person\/cbc1dad775073e724d66edd282de82ea\"},\"description\":\"Accountants in West Midlands, Wolverhampton, Birmingham,Warwickshire advising business owners on the need for a register of persons with significant control\",\"breadcrumb\":{\"@id\":\"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.lancasterclements.co.uk\/a-new-register-for-all-companies-persons-with-significant-control\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.lancasterclements.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"A new register for all companies &#8211; 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