PSC Registers | Davis Blank Furniss Solicitors

From 6th April 2016, UK corporate bodies (including limited companies and limited liability partnerships) are obliged to create, maintain and keep available for inspection a Register of People with Significant Control (PSC Register).

The PSC Register must set-out people who have significant influence and control of the company and contain certain prescribed information – effectively their name and address and how they exercise influence or control. Details are in the BIS short form guidance here. If the identity of a person with significant control is unclear, the officers of the company must take reasonable steps to find out who they are.

By way of overview, a person will be deemed to have significant control over a company if he or she:

  • owns more than 25% of the shares in the company (in a company which does not have shares this requirement is replaced by having rights to more than 25% of the income);
  • holds more than 25% of the voting rights in the company;
  • has the right to appoint the majority of the board; or
  • has legal rights to or in fact does exercise ‘significant influence or control’ over the company.

The above tests apply whether the right is held directly or indirectly (for example via an intermediate company or companies), or with others who have agreed to hold the rights as a block, and also catch any person who can or does exercise significant influence or control over the activities of a trust or a firm which would meet such test if treated as an individual.

In line with these changes, the Annual Return is being replaced by a Confirmation Statement containing the PSC information from 30 June 2016.  The Confirmation Statement must be filed annually but can be filed at any point up to and including its annual due date (which will initially be the same as a company’s current annual return date).

In most circumstances (unless you have material shareholdings held by a trust or nominee, someone in the background who might be at risk of being a shadow director, or a very restrictive shareholders’ agreement in place) the people on the PSC register will be the same as those individuals currently shown on the return as holding more than 25% of the shares of the company.

If the company is part of a group, so long as the company’s immediate parent is itself a company that is obliged to keep a PSC register, there is no need to identify the ultimate PSCs of that parent company– you just record the immediate parent company as a Relevant Legal Entity. However if the immediate parent company is not obliged to keep its own PSC register (for example it’s incorporated in a non-EU offshore jurisdiction), then you will need to record the ultimate PSCs.

These measures have been put in place to assist third parties to identify the true ownership structure of corporate bodies in an attempt to increase transparency.

For more information about Andy and his work, please click here.


Read what our clients have to say...

View All

Excellent experience start to finish – always very responsive to any queries and the turnaround on the property I was buying was very quick, even in the busy time leading up to stamp duty deadline. Jenny was always very helpful and went above and beyond to close on a short timescale.

Ben Armitage

“Very approachable, practical solutions to problems, but most of all very responsive which I personally think is very important because if you need help, you need it quickly, or at least to know someone is looking at it for you”.

Joanne Rowe, Finance Director, Greater Manchester Chamber

“Always able to contact, very approachable, friendly and professional”

Nives Feely, JAM Recruitment

“I believe I have been able to establish a professional working relationship with everyone I have come into contact. Importantly, I sense the relationships which have been established give me the confidence that I can make contact with Davis Blank Furniss at any time and on any matter. I would also like to express my thanks to the very impressive “gatekeepers” who work in reception, not only for making me very welcome, but also for their professionalism”

Bill Pryke, CEO, Chartered Institution of Civil Engineering Surveyors

“Thank you for your efficient and friendly help throughout this process. We have had it easy but your approach has been part of that”.

Robert Amsbury (Conveyancing Client)

“I would like to take this opportunity to thank you personally for the ongoing support and assistance the firm has offered to our parents over the years. I hope also that we may be able to call on you if necessary in the future.”

Valerie Fisher (Probate Client)

“Jo always provides great service, understands our needs and delivers on her promises. Our needs are relatively simple but the complexity arises out of the volume of work and short time frames, Jo always delivers.”

Peter Fernandez, Corporate Director at Royal Bank of Scotland

“A big thank you to all who dealt with my wife’s claim… We would not hesitate to recommend Davis Blank Furniss to anyone that may be in a situation like we have been…”

Anon (Personal Injury client)

“Before putting my case in Kirsty (Morbey)’s capable hands I’ve met a couple of other solicitors. None of them listen to me as intently as Kirsty and showed me as much empathy and understanding as she did. Simultaneously she was able to look at my case from legal perspective, explain all the options and follow each of our meetings with written summary of the discussed matters (in timely manner). Her advice was invaluable and led me to successfully ending the case matter (hopeful for good). I’m forever grateful for he work and would definitely recommend her to anyone looking for reliable, knowledgeable and committed solicitor”.

Anon (Family client)
5 star service

Our Manchester office is rated 5 stars on Google