Companies House – change in information requirements

Are you aware that as from 6 April 2016 you need to be keeping a record of the individuals who ultimately control your company (called People with Significant Control “PSC“) being those individuals who:

i) hold more than 25% of the company’s shares, or

ii) hold more than 25% of the company’s voting rights, or

iii) have the right to appoint or remove the majority of the directors,

or if an individual does not meet any of these criteria then you need to still check to see if anyone has the right to, or actually exercises, significant influence or control over the company, or over a trust or company that meets one of the above criteria.  So this goes beyond just identifying, as currently required, the shareholders of a company and is looking at those with a beneficial ownership interest.  There are criminal penalties for non compliance.

Also with effect from 30 June 2016 you need to provide Companies House with details of your PSCs via an Annual Confirmation Statement – note this statement is replacing the annual return. At least once a year you will need to review the information that Companies House holds about your company and confirm it is correct or update it.  This can all be done online. You can check and confirm your record as many times as you need to but you will only be charged once a year.  And of course that statement and therefore the PSC register can be inspected by anyone at anytime.

Please contact Daljit Singh if you require any further advice.