From 6 April 2016, most companies and LLPs will be required to keep a “PSC Register” listing “People with Significant Control”, that is individuals or legal entities who, or which, have significant control over the company or LLP.

This is a new, additional duty which applies to UK incorporated companies limited by shares (including dormant companies), companies limited by guarantee (including CICs), societas europaea and LLPs. It does not apply to companies which are subject to Chapter 5 of the Disclosure and Transparency Rules (“DTR5 companies”). In other words, Official Listed and AIM traded companies are not affected. However, where there are private limited company subsidiaries or LLPs within the group, they are likely to be required to set up and maintain a register of PSCs which may include the PLC or other holding companies in the group.

Please see our alert Be PSC Register Ready for further information.