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Government guidance on ‘people with significant control regulations’ has been issued.

Companies and LLPs will be required to keep a PSC register from 6 April 2016. They will need to send the information to Companies House with their confirmation statement from 30th June 2016. The government has provided one summary guide and three more detailed guides. All are draft as the regulations have not been laid before parliament. The detailed guides are:

  • Draft Statutory Guidance on the meaning of ‘Significant Influence or control’ over companies in the context of the Register of People with Significant Control
  • Statutory guidance to the meaning of ‘significant influence or control’ over Limited Liability Partnerships (LLPs) in the context of the register of People with Significant Control (PSCs)
  • Register of people with Significant Control Guidance for Companies, Societates Europaeae (SE) and Limited Liability Partnerships.

The requirements apply to UK incorporated companies limited by shares, companies limited by guarantee, unlimited companies, SEs and LLPs. Dormant companies, those who already have this type of reporting requirement, limited partnerships and charitable incorporated organisations do not fall within the regulations.

For further in depth analysis, including a look at basic obligations, visit ACCAs Technical Advisory website.

Article extracted from ACCA “In Practice” Newsletter