What is a PSC?

A Person of Significant Control (PSC) is anyone who meets any of the following criteria:

• Holds more than 25% of a share in a company.
• Holds more than 25% of the voting rights in a company or LLP
• Has the right to appoint or remove the majority of the directors/management of a company or LLP.

The following criteria only applies in certain circumstances and are explained in the statutory guidance provided by HMRC which can be found HERE.

• Has the right to exert or is exerting a significant influence or control over a company or LLP
• Has significant influence or control over a Trust or Firm that meets any of the above criteria

Identifying your company’s PSCs is very important as, from 26 June 2017, any changes need to be declared to Companies House within 14 days, rather than waiting until the annual confirmation statement.

Here at Shaw Gibbs, the Company Secretarial team will help identify your PSCs for you as part of the company secretarial service.

For more information on how we can help please contact Leigh Smith, Accounts Director at leigh.smith@shawgibbs.com or call 01865 292200 if you would like further advice.