The Small Business, Enterprise and Employment Act: An Update

Commercial & Corporate | 31st March 2017

Since my last article in March 2016, the confirmation statement has come into force, replacing the annual return as the updating document at companies house.

As part of the government’s streamlining process, the confirmation statement also allowed companies to display their persons of significant control (“PSC”) which is a requirement under the SBEEA.

From June, it is planned that the confirmation statement will no longer be the vehicle for changing or withdrawing the persons of significant control details. It will only be possible to use the confirmation statement to update the statement of capital, shareholders and exemptions from the requirement to deliver PSC information.

Updates to PSC register will need to be made using new Companies House forms (PSC01 to PSC09). Notifications, changes, cessations and additional matters will need to be recorded using these forms.

This change will also apply to any companies that have yet to submit their first confirmation statement. These companies will need to submit the details of their PSC register using the new forms.

However, as mentioned above the addition or removal of PSC exemptions will also still need to be notified via the confirmation statement.

The legislation enactment dates are subject to change as are the details, but if change is afoot, the additional forms appear to be adding to company administration rather than reducing it.

Danielle Collett-Bruce

Danielle Collett-Bruce

Senior Solicitor, Commercial & Corporate

Danielle advises on mergers and acquisitions, new business ventures, corporate structures and joint ventures, investments, company law, governance and...