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Ltd Partnerships

Open consultation

The Department of Business, Energy and Industrial Strategy together with Companies House are currently holding an open consultation on Corporate Transparency and Register Reform to:

  • consider the reform to the information they require companies to disclose
  • increase the checks on this information and
  • improve the exchange of intelligence between Companies House and UK Law Enforcement bodies

The consultation, which is open until 5 August 2019, seeks your views on a series of reforms to limit the risk of misuse of corporate entities, including Scottish Limited Partnerships.

Limited partnerships

On 26 June 2017, changes were made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. For the first time, Scottish Limited Partnerships (SLPs) and General Scottish Partnerships (SPs), where all the partners are corporate bodies, will need to identify and report information on the people who ultimately own and control them. This is known as the register of people with significant control.

These regulations provide a four week period for partnerships to investigate their ownership.

Since 24 July 2017, SLPs and SPs must file the required information with Companies House.

This must be done within 14 days and any subsequent changes must be notified within 14 days. Partnerships must also confirm their information every year.

Uk Government guidance for partnerships is now available.

The Statutory Instrument which relates to these changes is available.

For a summary of the all the changes, please see the press notice from Companies House.