PSC Register and Incorporated Charities

Charity Comments Off on PSC Register and Incorporated Charities

From 6 April 2016, new regulations require all UK companies, including charitable companies, to keep a register of those people who own or have significant control over them. All companies subject to the new rules will also have to file relevant details with Companies House from 30 June 2016.

Charities and social enterprises established as companies (usually companies limited by guarantee and community interest companies) where the charitable company or social enterprise has fewer than four members, those members will be PSCs (Persons of Significant Control) on the basis that they each have more than 25% of the voting rights in relation to the company and must therefore maintain their own PSC registers.

The legislation was introduced to increase transparency in UK companies in order to foster greater trust among businesses, investors, employees and consumers.