Restrictions Notice Relating to PSC Register (LLP)
A LLP, having first sent a warning notice, may then issue a restrictions notice if a person continues to fail to reply or to give a valid reason for not replying within one month.
This Restrictions Notice relating to PSC Register (LLP) informs the PSC or RLE that restrictions are in place which effectively freeze that person’s interest, preventing them from selling, transferring or receiving any benefit from their interest in the LLP.
Government guidance suggests that a LLP must consider if the restrictions would have an unfair effect on third parties, which includes joint interests and joint arrangements. All parties involved are considered to hold the interest, therefore nominees, people holding interests without controlling them and people controlling interests without holding them, can all have their interests restricted.
The LLP’s PSC register must note the fact that restrictions have been issued.
A form of this notice is also freely available from the www.gov.uk website.
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