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PSC changes must be reported within 28 days

Barbara Sandbach

As part of anti-money laundering measures designed to increase the transparency of who owns and controls companies in the UK, changes have been made to the way companies report on ‘People with Significant Control’ (PSCs) and companies now need to report changes directly to Companies House within 28 days as well as updating their PSC register.

Since April 2016, UK limited companies are required to keep a register of PSCs (that is, everyone who can influence or control a company, also sometimes referred to as ‘beneficial owners’).  Previously, each company had to submit this information annually as part of their confirmation statement, however, from 30 June 2016, PSC changes must be reported to Companies House as and when they happen. 

What changes need to be reported?
Common changes that companies will now need to report directly to Companies House include:
  • A new PSC, RLE (relevant legal entity) or other registrable person (e.g. if someone buys share in the company and their ownership exceeds 25% of the company’s share capital for the first time)
  • Changes in PSC, RLE or registrable person (e.g. a PSC changes their address or an RLE company changes its name)
  • The nature of the PSCs control over the company changes (e.g. they buy or sell shares and move between different shareholding ‘tiers’)
  • Someone ceases to be a PSC or RLE (e.g. they sell shares and now hold 25% or less of the company’s shares or voting rights).
What are the timescales for reporting changes?
When changes occur, companies must update their Register of People with Significant Control within 14 days and then have a further 14 days to send the information to Companies House.

How are changes reported?
Changes must be reported using forms PSC01 to PSC09 or the equivalent forms for LLPs.  Copies of the forms are available on the Companies House website.

If you would like any further advice on company reporting requirements, please contact your local Moore representative