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Changes to the PSC regime

Just as we were all getting used to the PSC regime which came into force last year, the implementation of the Fourth Money Laundering Directive into UK law has added new requirements.

Under the PSC regime, most UK companies and limited liability partnerships must keep a register of people with significant control over them and file this with Companies House as part of their annual confirmation statement (CS01).

From 26 June 2017, the following changes were introduced:

  • Only UK companies listed on the Main Market will be exempt - AIM and NEX Exchange companies are likely to have to comply with PSC requirements, although details have not been confirmed and more information is expected on this.
  • Scottish limited partnerships and general Scottish partnerships are no longer exempt and will need to register details of people with significant control over them at Companies House from 24 July 2017.
  • Your PSC register will no longer be updated on your confirmation statement. Any changes must be reflected in your own register within 14 days and must be filed at Companies House within a further 14 days using forms PSC01 to PSC09.

For further information or help in completing or updating your PSC register, please get in touch.

Contact Elena Servini and Bethan Cooke regarding this.

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