Paul McGrath and Robert Posgate (Withers) explain the reporting requirements and responsibilities of the register of people with significant control, which comes into effect from 6 April 2016.
The Small Business Enterprise and Employment Act 2015 introduced the requirement for most UK entities irrespective of their size or turnover to create and maintain a register of people with significant control (PSC). This is part of a raft of new legislation aimed at increasing transparency in relation to the ownership and control of companies. There is a strong connection with HMRC’s efforts to tackle tax avoidance and evasion and it is expected that information revealed by the PSC regime will be used by HMRC in its investigations.
Most of the new provisions and their related regulations and guidance came into force on 6 April 2016. From this date companies...
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Paul McGrath and Robert Posgate (Withers) explain the reporting requirements and responsibilities of the register of people with significant control, which comes into effect from 6 April 2016.
The Small Business Enterprise and Employment Act 2015 introduced the requirement for most UK entities irrespective of their size or turnover to create and maintain a register of people with significant control (PSC). This is part of a raft of new legislation aimed at increasing transparency in relation to the ownership and control of companies. There is a strong connection with HMRC’s efforts to tackle tax avoidance and evasion and it is expected that information revealed by the PSC regime will be used by HMRC in its investigations.
Most of the new provisions and their related regulations and guidance came into force on 6 April 2016. From this date companies...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
