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Company ownership and control: Changes to legislation

Businesses should be aware that new and important legislation, related to company ownership and control, are arriving soon.

On 26th June 2017, significant changes will be made to current UK anti-money laundering measures, intended to improve transparency in respect of who owns and controls companies in the UK.

As a business, what you’re probably most concerned with is how these changes will affect you and what you need to do to comply.

Many companies will have only submitted their first confirmation statement; typically, this involves those firms incorporated prior to 30th June 2016 entering details of PSC’s (People with Significant Control), plus a full statement of capital, to appear with the confirmation statement. These details would then need to be re-confirmed each year to ensure Companies House are kept appropriately informed.

Any changes that occurred within the year, which had affected statement of capital or details of shareholders for example, could be brought up to date via the confirmation statement under current rules.

Specifically, the revised legislation will implement changes to the current requirements in respect of PSC information and reporting. From 26th June 2017, changes to PSC details cannot be updated via the confirmation statement; this effectively means that, should anything change following submission of the previous statement, these changes cannot be reported annually, as before.PSC2

Under the new rules, any changes will need to be reported via forms PSC01 to PSC09. Companies will have 14 days to update their register appropriately and a further 14 days to ensure the information is sent to Companies House.

Considering such major alterations to the rules and the stringent time limits associated with the new reporting procedures, it is vital that you fully understand your obligations and notify your accountant of any changes as soon as possible.

If you have any questions or concerns about the new measures, contact us today on 01462 708810.

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