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Reforms to limited partnerships 13/12/2018 The Government has published its response to the consultation on the reform of Limited Partnership law.

Reforms to limited partnerships

The Government has published its response to the consultation on the reform of Limited Partnership law. The aim is to increase transparency and prevent abuse of limited partnerships, which some criminals have used to launder dirty money through the UK.

Scottish Limited Partnerships (SLPs) and Limited Partnerships (LPs) are used by thousands of legitimate British businesses, particularly the private equity and pensions industry, which invest more than £30 billion a year in the UK. However, there are concerns that they are being abused by criminals following large-scale money laundering scandals.

New filing requirements for all Limited Partnerships will make them more transparent with their information, preventing their abuse while enabling investors to continue to use them legitimately and invest in the UK. The key proposals are:

  • those registering Limited Partnerships must demonstrate they are registered with an official anti-money laundering supervised agent, such as an accountant or a lawyer, or an overseas equivalent
  • the Limited Partnership must demonstrate an ongoing link to the UK, for example by keeping its principal place of business in the UK
  • all Limited Partnerships must submit a confirmation statement at least every 12 months to Companies House to ensure their information is accurate and up to date
  • Companies House will be given powers to strike off dissolved Limited Partnerships and Limited Partnerships which are not carrying on business.

The proposals will apply to all Limited Partnerships in the UK. In addition to requirements that are in place for Scotland, the reforms will also include new reporting requirements for Limited Partnerships in England, Wales and Northern Ireland. This will confirm that the information they have placed on the register is up to date and correct.

Last year, the Government introduced laws requiring SLPs to report their beneficial owner and make their ownership structure more transparent, seeing an 80% reduction in the number registered. These reforms, unveiled earlier this week, seek to raise standards further.

 

Further details can be found here.

 

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