Scottish Limited Partnership and declaration of Beneficial Owner(s)
From 26 June 2017 all Scottish Limited Partnerships (SLPs) will have to keep a register of beneficial owners called the register of People with Significant Control (PSC Register). Any individual that meets certain criteria will be considered a PSC. All SLPs will have to disclose PSC details from 24th July 2017 within 14 days. Failure to comply with the regulations is a criminal offence.
From 24th July 2017 all new and existing SLPs will have to disclose anyone that has significant control over the SLP. For existing SLPs the deadline for filing the information with Companies House is 7th August 2017.
A PSC is anyone who directly or indirectly holds rights over more than 25% of surplus assets on a winding up, holds more than 25% of voting rights, can remove majority of the management, or actually has significant influence or control. Anyone who can exercise significant control over the activities of a trust or firm, which is not a legal entity, but meets one of the above conditions might also be considered a PSC.
However, the owners of SLPs do not have to frantically dissolve their SLPs. With careful planning they can keep their SLP without having to disclose beneficial owners and in some cases open a UK bank account!
Alpha P Consulting specializes in the incorporation of all types of UK legal entities such as limited companies, LLPs and SLPs. We also provide full corporate services including physical UK resident nominees, ready made shelf companies, accounting, taxation and assistance with the UK PSC register.