Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

PSC definition

What does PSC mean? PSC describes, in practice, an individual who ultimately owns or controls a UK company, LLP or certain Scottish partnerships. It is a statutory concept: “person with significant control” is defined in the Companies Act 2006, Part 21A and Schedule 1A (mirrored for LLPs and Scottish limited/qualifying Scottish partnerships). A person is a PSC if they meet any statutory condition, including: holding more than 25% of shares; holding more than 25% of voting rights; having the right to appoint or remove a majority of the board; otherwise exercising significant influence or control; or exercising such control through a trust or firm. Where...

UK PSC regime and share security: lenders’ and secured parties’ RLE/PSC status, restrictions notices, enforcement risks and mitigations under the Companies Act 2006 and ECCTA 2023

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Practice notes

Introduction

This Practice Note considers how the obligation on certain bodies under Part 21A of the Companies Act 2006 (CA 2006) to collect and deliver to Companies House details of their ‘persons of significant control’ (pscs) may affect lenders and secured creditors (together, finance parties). It opens with a high-level outline of the elements of the PSC regime most pertinent to a finance party’s viewpoint, before going on to provide:

a synopsis of key considerations and risks for finance parties
clarity on when a finance party could be brought within scope of the regime
the implications for secured parties of a restrictions notice being served and ways to reduce those risks, and
developments to keep under review

Overview of the PSC regime

This section offers a concise summary of the PSC regime, drawing attention to points of particular relevance for lenders and emphasising the obligations on companies contained in CA 2006. For fuller guidance, consult the materials listed in: Disclosure of beneficial ownership—overview.

Background and applicable legislation and guidance

The structure of the PSC regime, which first came into force on 6 April 2016, is set out in CA 2006...

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Web page updated on 21/05/2026

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