How can we help?


Changes to the PSC Regime

Since the PSC Regulations came into effect in June 2016, changes to a company’s PSC information have been filed annually at Companies House on the Confirmation Statement.

However, this procedure changed on 26 June 2017 and a company/LLP now has 14 days to update its own PSC register, and a further 14 days to inform Companies House of the changes.  New forms PSC01 to PSC09 (LL PSC01 to LL PSC09 for LLPs) have been designed to notify Companies House of any PSC changes as soon as they occur and the Webfiling service has a new section to update these details without the need to submit a new Confirmation Statement.

The reason for the change is the Fourth Money Laundering Directive (4MLD), which became effective on 26 June 2017 and states that information about beneficial ownership must be “current”.  Under the previous PSC regime, although it was possible to file multiple Confirmation Statements for the same annual fee, companies were only obliged to file one per year. As a result, the public register was not always fully up-to-date.

The reason for the change is the Fourth Money Laundering Directive (4MLD), which became effective on 26 June 2017 and states that information about beneficial ownership must be “current”.

The scope of the PSC regime has also been extended under the 4MLD to cover Scottish Partnerships and Scottish Limited Partnerships (SPs and SLPs) and AIM companies (and companies listed on other smaller exchanges), both of which were previously exempt.  All SPs and SLPs were given one month from the date of implementation of 4MLD to file their PSC information at Companies House, i.e. by 24 July 2017.

An element of the PSC regime which remains consistent despite the impact of 4MLD, is the obligations on companies to ensure their internal PSC Registers are kept up-to-date.  No case law is yet in place for any action taken against a company or an LLP in relation to this, however a company failing to keep its PSC Register up-to-date is still committing a criminal offence.

About this article

This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full General Notices on our website.

About this article

Read, listen and watch our latest insights

  • 22 September 2023
  • Employment

Talking Employment Law: New family friendly rights

In this first podcast in the ‘Talking Employment Law’ series, Lucy Densham Brown and Rebecca Dowle, members of the employment team summarise some of the big new family-friendly Bills that are working their way through parliament.

  • 20 September 2023
  • Commercial Real Estate

Commercial buyers beware of residential Stamp Duty Land Tax

This article discusses a recent case in which a property buyer calculated the Stamp Duty Land Tax due on the purchase at a lower rate, due to the mixed-use purpose of the property.

  • 19 September 2023
  • Privacy and Data Protection

Organisations’ use of social media: Data protection

Social media applications (or commonly known as ‘apps’) are being developed all the time and we are constantly being introduced to new social media platforms, some of which take almost no time to gain huge popularity.

  • 14 September 2023
  • Immigration

Entrepreneurial Dreams: What is the Innovator Founder Visa?

In an era defined by innovation and entrepreneurship, the United Kingdom has made a substantial effort towards fostering its reputation as a global hub for start-ups and innovators. The introduction of the UK’s ‘Innovator Founder’ route has marked a pivotal moment in the country’s immigration policy.

  • 11 September 2023
  • Corporate and M&A

Changes to the tax treatment of Employee Ownership Trusts

The government published a consultation on 18 July 2023 seeking the public’s views on its proposals to reform the tax treatment of Employee Ownership Trusts and Employee Benefit Trusts. Parties are invited to express their opinions via email via the government website until the consultation closes on 25 September 2023.

  • 08 September 2023
  • Immigration

Navigating the Latest Immigration Rules for Overstayers in the UK: A Comprehensive Guide for 2023

Staying beyond the expiration of your UK visa is a serious matter that, in most cases, can result in significant and long-lasting repercussions.