New Statutory PSC Register for UK Companies & LLPs

11 March 2016

From 6th April 2016, all Companies incorporated under the Companies Act 2006 (limited by shares or guarantee, or unlimited) and Limited Liability Partnerships are required to maintain a PSC or “Persons with Significant Control” Register. Failure to do so (even if the Register has no entries) could result in criminal penalties for the Company, their officers and the PSCs or Relevant Legal Entities concerned.

Please see our Fact Sheet which is on the Legal Services page of our website under the Companies & Partnerships.

This is an important piece of legislation, designed to assist with transparency of UK Companies and LLPs, and therefore help to combat tax evasion, money-laundering and terrorist financing by providing a fuller picture of both the legal, controlling and beneficial ownership of businesses.

If you have questions or require any assistance about whether the PSC Register is relevant to you, or how to set up and maintain the PSC Register, please contact us.