10.08.2017. New transparency requirements for Scottish Limited Partnerships

Company News

26 June 2017, the UK government brought the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 into force, which extend beneficial ownership registration requirements to Scottish limited partnerships (SLPs) and certain Scottish general partnerships in line with other limited partnerships in the UK.

SLPs will need to provide information about the people or legal entities that have significant control within 28 days. If they fail to do so, these partnerships will face daily fines of up to £500. Information provided by SLPs will be available on the Companies House register.