Glossary

Person with significant control (PSC)

Krishna Prasad Dahal, Chartered Accountant

Reviewed by Krishna Prasad Dahal FCCA, ACA (ICAEW), FCA (ICAI India)ICAEW Council Member · Last reviewed

Definition

A person with significant control (PSC) is someone who owns or controls a UK company, sometimes called a beneficial owner. A PSC usually holds more than 25% of the shares or voting rights, can appoint or remove a majority of the directors, or otherwise has significant influence or control over the company. Companies must identify their PSCs and report them to Companies House.

What the company reports

Companies House needs each PSC’s name, date of birth, nationality, country of residence, service address and home address (the home address is not published), plus the date they became a PSC and how they control the company. Holdings are shown in bands: over 25% up to 50%, more than 50% and less than 75%, or 75% or more.

Changes must be reported within 14 days. A company with no PSC still files a statement saying so, because the PSC section cannot be left blank.

A quick test

Two founders who each own 50% of the shares are both PSCs. A shareholder with exactly 25% is not a PSC through shares alone, because the test is more than 25%.

Identity verification

PSCs must verify their identity and give Companies House their personal code within a 14-day window that depends on whether they are also a director. The exact windows are explained under PSC identity verification.

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