Register of People with Significant Control (PSC) April 2016
From the 6 April 2016, all charitable companies limited by guarantee, which include Academy Trusts, have an obligation to set up and maintain a register of individuals or legal entities which shows who has significant control over the Company. This new measure has been introduced by the Small Business, Enterprise and Employment Act 2015 to increase corporate transparency by creating a full picture of both the legal and beneficial ownership of businesses, with the aim of combatting tax evasion, money laundering and the financing of terrorist activities.
One of the criteria for being a PSC is holding, either directly or indirectly, more than 25% of the voting rights. For an Academy Trust this means our Members. Any Academy Trust will need to list its members as PSCs if the number of Members is three or less. Our Trust has four Members and therefore each individual will hold no more than 25%, and hence there will be no PSC.
“The SHINE Multi Academy Trust knows or has reasonable cause to believe that there is no registrable relevant legal entity in relation to the Company."