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People with Significant Control
06 July 2016
UK companies (not listed one) and limited liability partnerships (LLPs) now need to declare who owns or controls them to Companies House.
From 30 June 2016 companies need to create a People with Significant Control (PSC) register. This needs to include information about the individuals who own or control companies, including their name, month and year of birth, nationality, and details of their interest in the company.
A person of significant control is anyone that holds more than 25% of shares or voting rights in a company, has the right to appoint or remove the majority of the board of directors or otherwise exercises significant influence or control.
This information will in future form a central public register of people with significant control, which is free to access.
The changes come because companies can be misused to facilitate a range of criminal activity - from money laundering, tax evasion, corruption and terrorist financing.
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