Calling (some) Scottish Partnerships!
11th August 2017
Are you a Scottish Limited Partnership, registered at Companies House in Edinburgh under the Limited Partnerships Act 1907, or a traditional partnership under the Partnership Act 1890 where all of the partners are themselves corporate entities?
If so, here’s a useful reminder of the recent legal changes which affect your requirement to register.
For such firms, a new return to Companies House is required.
Since April 2016, all companies and Limited Liability Partnerships (LLPs) have had to identify “persons with significant control” (PSCs).
However, on 26 June 2017, changes to the PSC regime came into force, and the regime has now been extended to certain types of Scottish partnership.
The regime for Scottish partnerships is broadly the same as that for companies and LLPs, but with some differences.
All Scottish Limited Partnerships are now subject to the PSC regime.
In addition, any Scottish general partnership whose members are all limited companies is deemed to be a “Scottish qualifying partnership” (SQP) and is now subject to the PSC regime. In other words, if a Scottish general partnership has at least one natural person as a member, it will not be a SQP and as such will not be subject to the PSC regime.
If you are in any doubt about whether your business is subject to the PSC regime, e-mail Graham Bell in our Corporate team, or give him or one of his colleagues a call on 0141 248 3434.
The information contained in this newsletter is for general guidance only and represents our understanding of relevant law and practice as at August 2017. Wright, Johnston & Mackenzie LLP cannot be held responsible for any action taken or not taken in reliance upon the contents. Specific advice should be taken on any individual matter. Transmissions to or from our email system and calls to or from our offices may be monitored and/or recorded for regulatory purposes. Authorised and regulated by the Financial Conduct Authority. Registered office: 302 St Vincent Street, Glasgow, G2 5RZ. A limited liability partnership registered in Scotland, number SO 300336.