When does a person exercise significant influence or control over the activities of a trust, asks Ben Simpson
- The impact of the shadow directorship test in the PSC regime on persons who influence trusts.
From 6 April 2016, UK companies, limited liability partnerships (LLPs) and other entities have had to keep a register of persons who have significant control over them (PSCs). The regime for registering PSCs (the PSC regime) is likely to be changed with effect from 26 June 2017 to include other entities, such as Scottish Limited Partnerships and Scottish Partnerships. Indirect economic interests in relevant UK entities are also likely to be caught from 26 June 2017.
Companies and LLPs have to record their PSCs in their first confirmation statement filed after 30 June 2016. In addition, a person incorporating a new company or LLP has to send to Companies House a statement of initial persons with significant control together with the other documents required for an application to incorporate.
A direct or indirect interest in a UK company which attributes a person with significant influence or control and makes them
