New law to reveal who controls the UK’s companies
2015-03-25Details of the individuals who ultimately control UK companies will be recorded in a new “people with significant control” register - to be known as the "PSC register" - which was passed into law by the UK Parliament on 26 March 2015. The law is part of a global move by governments and other organisations towards greater transparency in corporate structures, with the aim of combatting money laundering, terrorist financing and tax evasion.
Every UK company (other than those which are publicly traded) will have to maintain a PSC register. The register will name and contain information on individuals who ultimately own or control more than 25% of the company’s shares or voting rights, or who otherwise exercise significant control over the company or its management.
The UK Government expects companies to start maintaining the register from January 2016. The register will be open to public inspection and will be searchable online via Companies House from April 2016, according to the current Government schedule