We blogged in March and June 2016 about the new requirements for UK limited companies (including trustee companies, whether limited by shares or guarantee) to identify "persons with significant control" (PSCs). This requirement came in force on 6 April 2016. It was coupled with a requirement to notify Companies House of any PSCs, alongside your confirmation statement (formerly known as the annual return), when your first confirmation statement is due after 30 June 2016.

Confirmation statements are normally due a year after you filed your last annual return, and they must be filed within 14 days of that date. Trustee companies with confirmation statement due dates between now and the end of June should act now to identify their PSCs and put plans in place to ensure this filing requirement is complied with. In the case of trustee companies supported by their employer's in-house corporate team, this may simply be a case of them adding this to the rest of the confirmation statements that need to be submitted for the group. This should, however, be confirmed with the employer. In the case of employers who do not have such functions, or trustee companies limited by guarantee which are not part of the employer's group structure, someone should be assigned specific responsibility for this task. It is important to note that failure to maintain a PSC register or submit a confirmation statement on time could result in the trustee and/or trustee directors being liable to criminal sanctions and/or a fine.

For further information on this topic please contact Sarah Gosling at Squire Patton Boggs by telephone (+44 20 7655 1505) or email ([email protected]). The Squire Patton Boggs website can be accessed at www.squirepattonboggs.com.

This update has been reproduced in its original format from Lexology – www.lexology.com.