The UK Government has introduced new legislation which extends beneficial ownership registration requirements to Scottish limited partnerships and certain Scottish general partnerships.
The legislation, Scottish Partnerships (Register of People with Significant Control) Regulations 2017, came into force on Monday, 26 June. Two clauses are due to come into force on 24 July 2017, including an amendment to the Limited Partnership Act 1907 regarding Scottish limited partnerships.
The legislation is available to read online and a UK Government press release provides more information.
Solicitors should be aware that the definitions of eligible Scottish partnerships is covered at section 3 of the legislation and within the explanatory note. Timescales for action are set out at section 5 of the legislation:
- Qualifying partnerships at 24 July 2017 - must provide information to the register of companies for Scotland within 14 days of that date.
- Thereafter, that information must be provided within 14 days of a partnership becoming a qualifying partnership.
Guidance is also available on the application of the legislation. Guidance on Scottish Partnerships legislation.