In our previous briefing, we reported that the UK is due to extend its “persons with significant control" (PSC) rules on transparency of corporate ownership with effect from Monday 26 June. Click here for our briefing on the proposed changes. However, no information has been provided since the original Companies House Statement. The Department of Business, Energy and Industrial Strategy (BEIS) will require to confirm the position and issue relevant legislation to implement the proposed changes. With the deadline less than a week away, a delay now appears likely.
However, it seems likely that any delay will be brief and companies affected by the changes should not delay taking any necessary action. For example, where a company/LLP has made changes to its PSC Register since the last confirmation statement was filed at Companies House, it may wish to consider whether it will be less onerous to file an additional confirmation statement now taking account of these changes before the PSC rules are changed, in order to avoid having to file the relevant new forms within what currently looks like a period of 14 days of the new rules being brought in. Please contact us if you require assistance.