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Navigating the new PSC Register

As you probably know, from April 2016 (the government's latest revised time-line) UK companies will have to keep a new register of persons with significant control (PSC). This is a requirement of the Small Business, Enterprise and Employment Act 2015 which came into force on 26 March this year.

The aim of the Act is to increase transparency of ownership and control of UK companies and it brings far-reaching changes that will affect companies of all sizes.

Combined with the UK summer budget it is changing the face of corporate governance and tax in the UK. The UK is edging towards becoming a "mid shore" centre with corporation tax dropping from the current rate of 20% to 18% by 2020, whilst spearheading EU initiatives towards transparency with the creation of the PSC register, abolition of corporate directors and bearer shares.

It all adds up to a complex picture that administrators of UK companies will need to contend with.

Who controls the company?

Identifying exactly who controls the company is paramount, as it is only those with ‘significant influence or control' who are affected by the Act.

But how are they defined?

The legislation contains a number of conditions of PSC status, and also defines which type of UK companies are affected.

If you're a professional advisor please follow this link for a detailed outline of the Act's provisions as to ‘Who controls the company'.

Help with compliance and privacy

As experts in both corporate governance and tax matters we will be working hard in the coming months to steer clients through the necessary processes.

Firstly, we can assist clients unconcerned with transparency issues to comply with the Act. Our Corporate Governance Consultants can aid in the process of identifying PSCs and creating the new register to ensure companies are compliant. We can provide this service for cost-effective fixed fees, a service which ensures your UK company stays compliant with increasingly complex Companies Act legislation, which creates criminal offences for non-compliance.

Where transparency is a major concern because of legitimate confidentiality reasons, we can help by providing advice regarding the statutory protection rules and restructuring arrangements.

Upcoming communications

Over the next few weeks existing clients of Jordans will be receiving a series of letters and communications designed to guide them through this complex legislation with the minimum of fuss. We'll also be sharing latest updates through our regular International Focus newsletter. The implementation time¬lines may change for elements of the Act so please look out for our additional news and updates as they occur.

 Martin Palmer


Martin Palmer
Consultant
T: +44 (0)117 918 1321
E:  mpalmer@jordanstrustcompany.com

 

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