Scottish limited partnerships – names of partners publicly available
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.
Scottish Partnerships (Register of People with Significant Control) will bring these firms into line with others in the UK, requiring them to disclose the identity of their beneficial owners within 28 days. If they fail to do so, these partnerships will face daily fines of up to £500.
The Limited Partnerships Act 1907 was amended and new regulations apply
from 24/07/2017. They will affect all SLP clients.
Amended Act can be found HERE.