FAQ
Which PSC threshold should I tick?
Cap table FAQ: which PSC threshold should I tick?
2 min readLast updated 19 May 2026
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Short answer
Tick the threshold(s) that match the PSC's actual percentage as of the notification date. You can tick multiple — for example, a founder holding 100% gets all three "75%+" boxes ticked (shares, voting, and director appointment).
The thresholds
UK statute defines five categories:
| Code | Meaning |
|---|---|
ownership-of-shares-25-to-50-percent | Holds 25-50% of issued shares |
ownership-of-shares-50-to-75-percent | Holds 50-75% of issued shares |
ownership-of-shares-75-to-100-percent | Holds 75%+ of issued shares |
voting-rights-X-percent | Same three bands, but on voting rights |
right-to-appoint-and-remove-directors | Can appoint/remove a majority of directors |
significant-influence-or-control | Other than the above (e.g. veto rights, trustee of a substantial shareholding) |
How to choose
- Calculate the percentage of shares held by the PSC (or voting rights, or both if they differ)
- Pick the band that contains the percentage — e.g. 30% → "25-50%", 80% → "75%+"
- Tick both ownership and voting if both apply at the same band (most ordinary-share-only structures: ownership = voting)
- If the PSC can appoint/remove a majority of directors (typical for >50% holders), also tick that box
- If the control is by other means — veto rights, trustee of a substantial holding, controlling shareholder of a corporate PSC — tick significant influence or control
Examples
| Holding | Tick these |
|---|---|
| Founder owns 100% of ordinary shares | 75%+ shares + 75%+ voting + director-appointment |
| Series A lead with 30% economic + 30% voting + board veto | 25-50% shares + 25-50% voting + significant influence (for the veto) |
| Family trust holds 40%, no special rights | 25-50% shares + 25-50% voting |
| Parent company owns 100% of a subsidiary | 75%+ shares + 75%+ voting + director-appointment, type = corporate-entity |