TL;DR: A Person with Significant Control (PSC) is someone who ultimately owns or controls a UK company (or LLP) – most small companies will have at least one. You need to identify PSCs and keep the details up to date with Companies House. To find your PSCs, check your shareholdings and voting rights, and (for a quick cross-check) look at your company’s PSC filing on Companies House.
What is a PSC?
A PSC is an individual (or sometimes a registrable legal entity) who has significant influence or control over a company.
In practice, someone is usually a PSC if they meet one or more “nature of control” tests. For example, holding more than 25% of shares, more than 25% of voting rights, or the right to appoint/remove most directors.
Why PSCs matter (and why you get asked about them)
Even if you’re a small business, financial services providers will often ask about PSCs because it’s part of know-your-customer (KYC) and anti-money laundering (AML) checks. It helps verify who ultimately controls the business.
If you’re opening a business investing account, you may be asked to provide information about your company directors, your ownership structure and your PSC(s).
How to find out who your PSCs are
1) Start with ownership and control
Gather:
- your share cap table (who owns what)
- your share classes (if relevant)
- your shareholders’ agreement (if you have one)
- your company’s articles of association
Then look for anyone who meets the PSC thresholds (e.g. >25%).
2) Consider indirect ownership
If shares are held via a holding company, a trust structure or multiple layers of companies, then the PSC may be an individual who controls the top layer. This may be the case even if they’re not listed as a direct shareholder at the trading company level.
3) Check Companies House
You can search your company and view the “People” / PSC section on Companies House. It’s a useful sense check, and it may show:
- PSC names
- The nature of control
- The date they became a PSC
What if your PSC changes?
If ownership or control changes (for example you issue new shares, a co-founder leaves, or a new investor comes in), you may need to update the PSC information filed with Companies House.
PSCs vs directors vs shareholders
- A director: runs the company day to day.
- Shareholders: owns shares in the company.
- PSCs: the people who ultimately control/own the company. This often overlaps with a director/shareholder, but not always.
Common scenarios (examples)
Here are some common company set ups and the PSCs they usually have.
- Single-founder Ltd: the founder is usually the PSC.
- Two founders, 50/50: both are usually PSCs.
- Founder with 60%, investor with 40%: both may be PSCs.
- No one above 25%: you may still have a PSC if someone has control rights via agreements.
FAQs
Do sole traders have PSCs?
No, PSC rules are relevant to companies/LLPs. A sole trader is the individual.
Do partnerships have PSCs?
Partnerships do not have “shares” in the same way, but some partnership structures (including LLPs) have PSC-style reporting obligations.
Why do platforms ask about PSCs?
To confirm who ultimately owns/controls the business (KYC/AML).
Where can I check PSC information?
Companies House is the official public register for UK company information.
Do I need an accountant or solicitor for this?
If your structure is simple, you can usually identify PSCs yourself. If you have multiple entities, unusual share classes, or investor rights, it may be worth getting professional advice.
Important information
Capital at risk. The value of investments may go down as well as up, and you may get back less than you invest. Past performance is not indicative of future performance. ETF costs apply. Tax rules can change and any benefits depend on individual circumstances. If in doubt, consider professional advice.