PSC regime: identifying people with significant control
A practice note providing detailed guidance for navigating the regime for people with significant control under Part 21A of the Companies Act 2006. This practice note helps companies determine if they are subject to the regime and how to identify their PSCs and registrable relevant legal entities for filing at Companies House. It provides an in-depth analysis of the five specified conditions used to establish significant control, covering shareholdings, voting rights, director appointments, and the more nuanced test of "significant influence or control." This note further addresses complex ownership chains, including interests held indirectly or through trusts and firms. It also outlines key changes introduced by the Economic Crime and Corporate Transparency Act 2023, including the move away from local PSC registers and new identity verification obligations.
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