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:

CodeMeaning
ownership-of-shares-25-to-50-percentHolds 25-50% of issued shares
ownership-of-shares-50-to-75-percentHolds 50-75% of issued shares
ownership-of-shares-75-to-100-percentHolds 75%+ of issued shares
voting-rights-X-percentSame three bands, but on voting rights
right-to-appoint-and-remove-directorsCan appoint/remove a majority of directors
significant-influence-or-controlOther than the above (e.g. veto rights, trustee of a substantial shareholding)

How to choose

  1. Calculate the percentage of shares held by the PSC (or voting rights, or both if they differ)
  2. Pick the band that contains the percentage — e.g. 30% → "25-50%", 80% → "75%+"
  3. Tick both ownership and voting if both apply at the same band (most ordinary-share-only structures: ownership = voting)
  4. If the PSC can appoint/remove a majority of directors (typical for >50% holders), also tick that box
  5. 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

HoldingTick these
Founder owns 100% of ordinary shares75%+ shares + 75%+ voting + director-appointment
Series A lead with 30% economic + 30% voting + board veto25-50% shares + 25-50% voting + significant influence (for the veto)
Family trust holds 40%, no special rights25-50% shares + 25-50% voting
Parent company owns 100% of a subsidiary75%+ shares + 75%+ voting + director-appointment, type = corporate-entity

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