New disclosure rules have recently come into force for UK companies. Transparency around beneficial ownership was one of the key debates at the Anti-Corruption Summit in London earlier this year. Under changes brought into the UK on 6 April 2016, companies and LLPs subject to the Small Business, Enterprise and Employment Act 2015 are now required to create and maintain a register of people with significant control (“PSC”).
Companies will be expected to submit this information annually to Companies House from April 2016. On timetabling, companies must start to keep a PSC (more than 25% of the company’s shares or voting rights) register from January 2016, and they will need to file their PSC information with Companies House annually from April 2016. The government plans to provide further guidance on implementing the PSC register.
No comments yet.