How are charities handled under the PSC regime?

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Published on LexisPSL on 07/03/2016

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • How are charities handled under the PSC regime?

How are charities handled under the PSC regime?

The two main categories of entity that should be recorded on a PSC register are registrable individuals with 'significant control' (as defined in accordance with the five conditions set out in Schedule 1A, Part 1 to the Companies Act 2006 (CA 2006)), and any other registrable 'relevant legal entities' (RLEs) that have significant control and are 'subject to their own disclosure requirements'.

Charities typically establish themselves as either trusts, unincorporated associations, charitable incorporated organisations (CIOs) or companies limited by guarantee. Some of these structures will therefore have to maintain their own PSC register.

In addition, if they are themselves legal entities, they are likely to be registrable RLEs which may appear in the PSC register of a particular company or LLP which they happen to have significant control or influence over. Others may not be registrable RLEs but any investigating company or LLP must then trace through these entities until it finds an indirect PSC or RLE (or otherwise determine there are no PSCs or RLEs). For further information on indirect ownership see PSC Register for companies—who are people with significant control?—Other ownership arrangements related to

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