Company Alert: PSC Notification Deadline 10th July

Helen Smart, Corporate Law,Birmingham City Centre, Solihull, Commercial Solicitor

Further to our update regarding changes to the PSC regime from 26th June, such changes have now come into effect.

Under the previous regime most companies (apart from those who elected to keep their PSC register at Companies House) were required to update changes to their PSCs or RLEs at Companies House when they filed their confirmation statement each year (the replacement for the annual return).

Going forward, any changes to the PSCs or RLEs of a company from 26 June mean that the company will need to update its own PSC register within 14 days from the date of the change and will need to file details of the change at Companies House within 28 days of the change.

The changes brought in to force on 26th June however, will leave some companies in limbo if there have been any changes to their PSCs or RLEs since the date of their last confirmation statement. There are transitional provisions to deal with this, but there is a tight deadline of 10 July 2017 to comply with. This means that companies who have been subject to changes to their PSCs or RLEs since the date of their last confirmation statement (and who have not updated these changes at Companies House), now have until 10 July to update such changes with Companies House.

If there have been no changes to the PSCs or RLEs of a company since the date of the last confirmation statement, then no action is required at present, but companies should note the new requirements for filing in respect of any future changes.

Helen Smart or Rick Smyth of The Wilkes Partnership corporate team are happy to assist in resolving any PSC-related issues that companies may face in this ever-changing legal landscape.

For further information on this or any other of aspects of how we can help your business please contact Helen Smart on 0121 710 5804 or hsmart@wilkes.co.uk