Company Law Changes

From the 30th June 2016 what was known as the Annual Return was replaced with a Confirmation Statement. The statement will include details of “persons with significant control” (PSC) of the company.

 

Companies must identify people with significant control and record the details on the company’s PSC register.

 

A PSC is someone who directly or indirectly holds more than 25% of the shares or has 25% of the voting rights in a company. It may be someone who has the right to appoint or remove a majority of a board of directors or has the right to exercise significant influence or control over a company.

 

This information must be provided to Companies House annually as part of the Confirmation Statement from 30 June 2016 onwards.

 

Failure to comply with the new legislation could result in penalties being charged or even a criminal conviction.