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UK Annual Return to be replaced with Annual Confirmation Statement

From 30th June 2016, UK unlisted limited companies and LLPs will be required to file an annual confirmation statement instead of an annual return. This change has come about as a result of changes in UK legislation that requires all unlisted companies and LLPs to maintain a register of the people who have significant control over them. The Register is known as the PSC Register. The purpose of this register is to improve corporate transparency by making it clear to the public who owns and controls them.

A person with significant control is an individual (human or corporate) who meets at least one of the following conditions:

• Owns more than 25% of the company’s issued shares.
• Holds more than 25% of the company’s voting rights.
• Has the power to appoint or remove the majority of the board of directors.
• Has the right to exercise significant influence or control over the company.
• Has the right to exercise control over a company or trust that meets one of the other 4 conditions.

Changes to PSC details should be reported when you submit your annual confirmation statement. If there are no changes to these details since incorporation or the previously filed confirmation statement, you simply have to check and confirm the details on your next confirmation statement.

For further information please contact:

Philip Cartwright
philip.cartwright@abacus.gi
+350 200 78777
or refer to our website: www.abacus.gi

Abacus Gibraltar