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View the related checklists about PSC

Company records—rights to inspect and request copies—checklist

Company records—rights to inspect and request copies—checklist The Companies Act 2006 (CA 2006) specifies the rights of members (and in a number of cases, non-members) to inspect and request copies of certain types of company records. Set out below are the types of company records to which members and other persons have rights to inspect and/or request copies. CA 2006, s 1136 and the Companies (Company Records) Regulations 2008, SI 2008/3006 set out further procedural requirements and in respect of rights to inspection and requests for copies of company records. See Practice Notes: Company records—members' resolutions and directors' minutes and Location, inspection and copying of company records under the Companies (Company Records) Regulations 2008. Company record Section of CA 2006 Right to inspection Right to copies The register of members CA 2006, ss 114–116 YMembers—free of chargeAny other person—prescribed fee YOn payment of such fee as may be prescribed The historic register of members CA 2006, s 128D YMembers—free of chargeAny other person—on payment of such fee...

Reviewing constitutional documents of a corporate borrower—checklist

Reviewing constitutional documents of a corporate borrower—checklist STOP PRESS: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023. ECCTA 2023, Pt 1 contains a substantive package of proposals enhancing the role of Companies House and increasing the transparency of UK corporate entities. The provisions of the ECCTA 2023 come into force over an extended period. Many of the provisions in the legislation require detailed secondary legislation and guidance, and the construction of new technical processes and tools to implement the reforms. For more information, see Practice Notes: The Economic Crime and Corporate Transparency Act 2023—what Banking & Finance lawyers need to know, The Economic Crime and Corporate Transparency Act 2023—tracker and Corporate transparency reform—changes to company registers. What are a company's constitutional documents? Unless the context otherwise requires, a company's 'constitution' is defined under the Companies Act 2006 (CA 2006) to include: • the company's articles of association (the Articles), and • any resolutions and agreements affecting a company's constitution...

View the related flowcharts about PSC

Maintaining the PSC register—flowchart

Maintaining the PSC register—flowchart View or print a full size PDF version: The flowchart summarises the main steps for a typical company in identifying PSCs or RLEs so as to update the company’s PSC register and provide details to the Registrar in relation to the central register. Note however that eligible Scottish partnerships (which are covered by the PSC regime) are not required to keep a PSC register of their own but are only required to deliver PSC information to

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Hot Topics for Banking & Finance lawyers

Hot Topics for Banking & Finance lawyers This Practice Note provides information on key new and upcoming legal developments, as well as topics currently of particular interest to Banking & Finance lawyers. New UK listing rules On 11 July 2024, the FCA published the new UK listing rules (UKLR). See News Analysis: FCA publishes final reforms to listing regime in new UK Listing Rules sourcebook. What do they do? The new rules significantly reform the UK listing regime and create a simplified and more competitive UK listing structure. A key change is the introduction of a single listing category for commercial companies (replacing the premium and standard listing categories) subject to a more disclosure-based regulatory regime. Among other things, the rules for the commercial companies category remove the need for votes on significant or related party transactions and offer variability around dual class share structures with enhanced voting rights. More emphasis on disclosure aims to bolster investor protections to hold the management of companies they co-own to account. The...

IR35—the large and public client off-payroll regime—practical considerations for the end client

IR35—the large and public client off-payroll regime—practical considerations for the end client FORTHCOMING CHANGE: Finance Act 2024 (FA 2024) introduces new section 688AB into the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) which addresses the issue of over-collection of tax in relation to non-compliance with the large and public client off-payroll regime. The new provision gives HMRC the power to make Regulations which will provide for a formal set-off of tax payments already made by a worker and their intermediary from the PAYE liability of a deemed employer where an error has been made in applying the large and public client off-payroll rules. The set-off will apply to income tax and NICs liabilities assessed under PAYE on or after 6 April 2024 in respect of a deemed direct payment made on or after 6 April 2017. Draft Regulations were published for consultation on 25 January 2024, with the consultation closing on 22 February 2024. For more information on the announcement of the set-off, see News Analysis: Autumn...

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S790D Notice (LLP)—for a legal entity

S790D Notice (LLP)—for a legal entity [Insert date] Dear [insert name of addressee] Register of People with Significant Control—Notice to a legal entity under section 790D of the Companies Act 2006 (the Act) Interests in [LLP] [rights] We know or have reasonable cause to believe that you may be a registrable legal entity, as defined in section 790C of the Act in respect of [LLP]. We therefore require you, pursuant to section 790D of the Act, to provide us, in writing [including by email to the address shown above], within one calendar month of the date of this notice, the following information concerning your interest (within the meaning of Part 21A of the Act), if any, in [LLP]: • Whether or not you are a registrable legal entity within the meaning of this Part of the Act or a legal person to be regarded as an entity under section 790C(12) of the Act; and • If you are such an entity, to confirm...

PSC Register—voluntary notice from PSC in relation to a company

PSC Register—voluntary notice from PSC in relation to a company [Insert date] Dear [ Company Secretary OR Board of Directors] of [Company], Register of People with Significant Control—voluntary notice of registrable status I confirm that I am a registrable person with significant control, as defined in section 790C of the Companies Act 2006 (the Act) in respect of [Company]. I therefore confirm the following information concerning my interest (within the meaning of Part 21A of the Act) in [Company]: • [Name] • [Usual residential address] • [Country, state or part of the United Kingdom in which you are normally resident] • [Service

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What date should be entered into the PSC register following an allotment of shares to an individual? Should it be the date of allotment, or, if different, the date when the shares are actually issued (when the details of the individual are entered into the register of members)?

What date should be entered into the PSC register following an allotment of shares to an individual? Should it be the date of allotment, or, if different, the date when the shares are actually issued (when the details of the individual are entered into the register of members)? The terms 'allotment' and 'issue' are often used interchangeably in relation to new shares in the capital of a company, however, the terms do have distinct legal meanings. Shares in a company are allotted when a person acquires the unconditional right to be included in the register of members in respect of those shares. The subsequent issue of those shares is when the name of the person to whom the shares have been allotted is entered on the register of members of the company in respect of them. Allotment creates a right for a person to be registered as a member of a company, but only once a share has been issued can that person exercise his rights as...

Does a further education corporation have to appear on the PSC register of its wholly-owned subsidiary?

Does a further education corporation have to appear on the PSC register of its wholly-owned subsidiary? The people with significant control (PSC) regime applies to UK incorporated companies limited by shares or guarantee (including unlimited companies, unregistered companies, community interest companies and dormant companies), LLPs, and eligible Scottish partnerships (Scottish limited partnerships and Scottish qualifying general partnerships). The requirement to maintain a PSC register does not apply to certain other entities, such as English limited partnerships, co-operative or community benefit societies or charitable incorporated organisations, but if they have a trading subsidiary it may be that the subsidiary needs to maintain its own register. Further education corporations (FEC) and sixth form college corporations are typically classified as 'exempt' charities. For further information on their status and governance see Department of Education: Further education corporations and sixth-form college corporations: governance guide. As noted in Q&A: How are charities handled under the PSC regime? if a charitable entity is considered a relevant legal entity (RLE) for...

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Temp agency can’t deduct £36k to meet employers NI

Law360: A healthcare recruitment agency must repay £36,817 to a social worker contracted by the Home Office after deducting employer’s National Insurance contributions (NICs) from her wages that it was liable to cover with its own money, an employment tribunal has ruled.

Dispute Resolution weekly highlights—9 January 2025

This week's edition of Dispute Resolution weekly highlights includes analysis of a number of key DR developments and key judicial decisions including the Master of the Rolls announcing an update to the Guideline Hourly Rates and the Court of Appeal decision in Alame v Shell Plc (formerly known as Royal Dutch Shell Plc) (class actions and disclosure); dates for your diary; details of our most recently published content; and other information of general interest to dispute resolution practitioners.