The next measure of the United Kingdom Small Business Enterprise and Employment Act came into force on 6 April 2016.
A People with Significant Control (PSC) is someone in a company who:
- Owns more than 25% of the company’s shares
- Holds more than 25% of the company’s voting rights
- Holds the right to appoint or remove the majority of directors
- Has the right to, or actually exercises significant influence or control
- Holds the right to exercise or actually exercises significant control over a trust or company that meets any of the other 4 conditions.
From 30 June, UK companies must submit this information when filing their confirmation statements, or when companies, LLPs and SEs are incorporated.
From 6 April 2016 companies, LLPs and SEs need to keep a register of their ‘people with significant control’ as these need to be available for inspection.
Source: Companies House