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Change to Scottish limited partnership rules 27/06/2017 The Scottish Partnerships (Register of People with Significant Control) Regulations 2017 came into force this week

Change to Scottish limited partnership rules

The Scottish Partnerships (Register of People with Significant Control) Regulations 2017 came into force on Monday (26 June 2017), requiring Scottish limited partnerships to disclose the identity of their beneficial owners.

The move brings them into line with other limited partnerships in the UK. It will affect around 30,000 firms registered as Scottish limited partnerships, who will be required to comply with the new rules within 28 days, or face daily fines of up to £500.

The aim, said UK government Business Minister Margot James, is to “help to improve transparency of Scottish limited partnerships and act as a deterrent against their use for criminal ends.”

The Regulations can be found here.

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