UK Corporate transparency: What you need to know about PSC registers

Posted on 29 March 2016

UK Corporate transparency: What you need to know about PSC registers

From 6 April this year new transparency and reporting rules will require most UK companies and LLPs to identify and record the people who own or control them on a "register of people with significant control" (a "PSC register").  From 30 June 2016, they will also have to file this information on the public register at Companies House as part of a new annual "confirmation statement" (which will take the place of the annual return).  The rules are aimed at achieving transparency of the individuals who control companies and who previously might not have been identifiable because they sat behind opaque corporate or trust structures.  Business owners and their advisers will also need to be aware of the new regime as they may be subject to their own disclosure obligations and sanctions for non-compliance.

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