Business Tax - 23 Feb 2016
HM Revenue & Customs (HMRC) has finally published draft statutory guidance, which provides an official timeline for the implementation of the Register of Persons with Significant Control (PSC).
All UK Companies and LLP’s (unless expressly excluded in the legislation) will be required to maintain a PSC register from 6 April 2016.
The register will need to be made public at Companies House from 30 June 2016.
This is likely to impact any individuals who hold more than 25% of the shares and/or voting rights of a UK Company or LLP, either directly or indirectly by virtue of a corporate structure or trust.
The following information will be required to be kept on the PSC register and disclosed at Companies House:
Companies and LLPs are obliged to take reasonable steps to identify if any person is considered to have ‘significant control’.
Failure to maintain accurate records regarding PSCs and disclose the relevant information to Companies House is a criminal offence and as such any failures to comply may result in fines or up to two years in prison for liable individuals.
For more information or advice on how the PSC register might affect your business, please contact your usual Frank Hirth adviser or our Business Tax Team:
Steve Butler Leigh Collins Kelly Ricketts
Business Tax Director Business Tax Senior Manager Business Tax Senior Manager
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