Since 6 April 2016, registered companies have been required to keep a Register of People with Significant Control (PSC Register) from 6 April 2016. This new requirement applies to all UK companies and LLPs including charitable companies, community interest companies and trading subsidiaries of charities. Charitable incorporated organisations (CIOs), Royal Charter bodies and statutory corporations do not have to prepare a PSC Register, but if they have a trading subsidiary it will need to prepare a PSC Register.
This guide is an introduction to the topic and a signpost for charities grappling with preparing their PSC Register. The new rules are complex and for many charities completing the PSC Register will require a detailed analysis of their circumstances against the relevant tests of control.
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If you require further information on anything covered in this briefing please contact Lizzie Jones (email@example.com; 020 3375 7138) or your usual contact at the firm on 020 3375 7000.
This publication is a general summary of the law. It should not replace legal advice tailored to your specific circumstances.
© Farrer & Co LLP, May 2016