Are you ready for the PSC register?

01 March 2016

From 6 April 2016, UK incorporated companies and Limited Liability Partnerships (LLPs) must maintain a register of persons with significant control (the PSC register) available for inspection.

From 30 June 2016 onwards, they will also have to deliver this information to the central public register at Companies House when filing a Confirmation Statement (which replaces the traditional Annual Return).

If you are a "person with significant control" (a PSC) within the scope of the regime then you will be directly affected. You have a duty to supply information to the corporate entity and there are criminal sanctions for failure to comply with the regime. Your details will be publicly available in the future and the Government has confirmed that the public register will be freely available online and searchable by individual name, as well as by corporate entity name.