From 6th April 2016, all UK Companies and Limited Liability Partnerships will be required to keep a PSC Register. The register is one of a number of measures introduced by the Small Business Enterprise and Emplyment Act 2015 to increase the accountability of Companies by making it easier to see who owns or controls them, and who might be making decisions about how they are run.
A person with significant control will meet at least one of the following five conditions:
- Directly or indirectly hold more than 25% of the nominal share capital; or
- Directly or indirectly control more than 25% of the votes at general meetings; or
- Directly or indirectly be able to control the appointment or removal of the majority of the board; or
- Actually exercise, or have the right to exercise, significant influence or control over the company; or
- Actually exercise, or have the right to exercise, significant influence or control over any trust of firm (which is not a legal entity) which has significant control (under one of the four conditions above) over the company.
More information is available on the Government website.
News from Cassandra Zanelli, Taylor & Emmet LLP Solicitors.
