From 6 April 2016, the requirement for UK companies and LLP’s to consider and if appropriate maintain a new statutory register was introduced as a result of changes to the Small Business, Enterprise and Employment Act 2015. In this article I consider a few of the questions and queries we have received from charities as to the new requirements and how they may be affected by them.
The PSC register contains personal details including a person’s name, address, date of birth, nationality, and information about the control they have over the company.
In the context of a charity, anyone who meets one or more of the following criteria must be includes on the PSC register:
For example, if your charity has three members, who each have 33% of the voting rights, they all must be named on the PSC register.
Note that employees are not persons with significant control.
Keep it with your company books and provide it to Companies House with your annual confirmation Statement (Annual Return).
The above is just a small snapshot of the queries we have received from charity clients following the introduction of the new requirements. Obviously every organisation is unique and will be affected by (and will need to react to) the rules in different ways. However, given the serious sanctions which can be imposed for non-compliance, it is crucial that charities and their trustees obtain legal advice to ensure they are fully compliant.