The new UK company ownership registration requirement, which was first announced in 2013, has been delayed by three months, says the Society for Trust and Estate Practitioners (STEP).
The new UK company ownership registration requirement, which was first announced in 2013, has been delayed by three months, says the Society for Trust and Estate Practitioners (STEP).
Originally proposed as the ‘beneficial ownership register’, the plans for UK companies to keep a register of ‘people with significant control’ (PSC) were due to come in during 2016, but STEP reports that several details still need to be resolved – including the exact meaning of the phrase ‘significant control’ – and safeguards needed to protect the safety of those included on the PSC register.
The requirement for companies to create their PSC register was originally due to come in during January 2016, but has now been delayed to April 2016; and the obligation to file this information at Companies House has been delayed from 6 April 2016 until 30 June 2016, although companies will still need to update their register of PSCs at least once every 12 months. STEP has also advised that measures to strengthen the director disqualification regime have been postponed until June 2016.
The new UK company ownership registration requirement, which was first announced in 2013, has been delayed by three months, says the Society for Trust and Estate Practitioners (STEP).
The new UK company ownership registration requirement, which was first announced in 2013, has been delayed by three months, says the Society for Trust and Estate Practitioners (STEP).
Originally proposed as the ‘beneficial ownership register’, the plans for UK companies to keep a register of ‘people with significant control’ (PSC) were due to come in during 2016, but STEP reports that several details still need to be resolved – including the exact meaning of the phrase ‘significant control’ – and safeguards needed to protect the safety of those included on the PSC register.
The requirement for companies to create their PSC register was originally due to come in during January 2016, but has now been delayed to April 2016; and the obligation to file this information at Companies House has been delayed from 6 April 2016 until 30 June 2016, although companies will still need to update their register of PSCs at least once every 12 months. STEP has also advised that measures to strengthen the director disqualification regime have been postponed until June 2016.
