There is an important corporate legal change taking place in April, which is the introduction of a new regime for the disclosure of people with significant control over UK companies, which will have an impact on UK private and unlisted public companies and individuals. A similar regime will apply to LLPs.
From 6 April, UK companies will be required to obtain information on their beneficial owners and controllers (referred to as people with significant control) and hold that information in a new statutory register, known as the “PSC register”. The PSC register is publicly accessible and from 30 June 2016 the information will have to be included in the annual filings at Companies House. As non-compliance is a criminal offence, with fines and up to two years’ imprisonment, this should not be overlooked.
A link to our e-alert on the subject can be found here.