Commentary on Sections Schedule 3: Register of people with significant control Schedule 1A: References to people with significant control over a company Rights treated as held by a person who controls their exercise
520.Similarly to paragraph 19, paragraph 20 provides that where a person controls a right, the right is treated as held by that person for the purpose of this Schedule. This means that the controller of the right – and not the holder, unless they are also a controller - will be entered in the PSC register where the relevant specified condition is met.
521.Paragraph 20(2) sets out when a person has control of a right. This is by reference to an arrangement between a person and others.
522.The definition of “arrangement” in paragraph 21 is broad, but provides that there must be a degree of stability about the arrangement. The intention is to exclude one-off actions or decisions which would not equate to ‘significant control’.