Q&As

Scottish partnerships—how are investment structures handled within the PSC regime?

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Published on LexisPSL on 28/07/2017

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • Scottish partnerships—how are investment structures handled within the PSC regime?
  • Registration of a Scottish limited partnership
  • Registration of a Scottish qualifying partnership
  • Duty of Scottish partnerships to update information
  • The role of Scottish partnerships in fund structures
  • Determining PSCs in fund structures
  • Further considerations

Scottish partnerships—how are investment structures handled within the PSC regime?

Partnerships formed under the law of Scotland have distinct legal status under section 4 of the Partnership Act 1890.

An eligible Scottish partnership (ESP) is:

  1. a limited partnership registered in Scotland under the Limited Partnership Act 1907 (Scottish limited partnership (SLP)), or

  2. a general partnership which is constituted under the law of Scotland, for any period in which it is a qualifying partnership under regulation 3 of the Partnership (Accounts) Regulations 2008 (SI 2008/569) (Scottish qualifying partnership (SQP)). An SQP is a Scottish partnership whose members are all limited companies (or unlimited companies whose own members are all limited companies).

Since 26 June 2017 eligible Scottish partnerships must maintain information about people with significant control over the eligible Scottish partnership. This is the date when the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694) (the Scottish Regulations) came into force. These regulations adopt a modified version of the regime in Part 21A of the Companies Act 2006 (CA 2006) to SLPs and SQPs. The requirements apply to all Scottish limited partnerships. They apply only to those general partnerships in Scotland which have corporate partners, being qualifying partnerships under the Partnerships (Accounts) Regulations 2008.

For further information see Practice Note: PSC register for eligible Scottish partnerships.

Registration of a Scottish limited partnership

All existing SLPs

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