You have 14 days to update your PSC register and another 14 days to send the information to Companies House. Companies House will need to be informed if anyone (or any entity):
- becomes a PSC
- ceases to be a PSC; or
- their details change, such as the extent of their control or their address.
The PSC reporting requirements originally came into force on 6th April 2016 and require a register to be maintained listing people who have ‘significant control’ over a company or Limited Liability Partnership. Typically, a PSC is an individual who directly or indirectly holds more than 25% of the shares or voting rights in a company. However, there are other circumstances that may lead to an individual being defined as a PSC.
It is crucial to notify Companies House in good time of any alterations to people with significant control as these rules are legal duties and those failing to comply could be committing a criminal offence and could be fined and/or imprisoned.
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