If you are involved in running a limited company, you have an obligation to keep Companies House informed of any changes to the people who own or control the company – known as the ‘register of people with significant control’ (PSC register). Generally, a PSC is anyone in a company who meets one or more of the following conditions:
- Owns more than 25% of the company's shares;
- Holds more than 25% of the company's voting rights;
- Holds the right to appoint or remove the majority of directors;
- Has the right to, or actually exercises, significant influence or control;
- Holds the right to, or actually exercises, significant control over a trust or company that meets one of the above conditions.
With effect from 26th June 2017, any changes to a PSC of a company MUST be reported to Companies House within 28 days. This includes changes of address, name changes, share ownership, or someone ceasing/commencing to be a PSC.
Failure to comply with these regulations is technically a criminal offence, and although highly unlikely, can result in a fine or prison sentence of up to two years!