From 6 April 2016, a new era in corporate transparency started – ironically the same week as Pamana hit the headlines. UK-incorporated companies and LLPs have to collect and keep information about people with significant control over them.
The new rules are part of the government's initiative to tackle tax evasion, money laundering and terrorist financing and to increase trust in UK corporate bodies.
The new rules are part of the government's initiative to tackle tax evasion, money laundering and terrorist financing and to increase trust in UK corporate bodies.
"PSC - People with Significant Control"
Even the smallest companies must:
- Keep a register of those with significant control over them (the PSC Register);
- Take reasonable steps to identify those who are registrable on the PSC register;
- Enter the required information on the PSC Register and keep that information up to date;
- Make the PSC Register available for public inspection;
- File information about their PSC Register at Companies House on the new annual confirmation statement from 30 June onwards
For our clients who still have questions or concerns about this or any other matter, always feel free to give us a call or if it's easier, contact us here.
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