PSC information of Scottish Limited Partnerships (LP) will become publicly available

PSC information of Scottish Limited Partnerships (LP) will become publicly available

1. The UK Companies House announced soon extension of information disclosure requirements in respect of “people with significant control” (in fact – beneficial owners) to Scottish Limited Partnerships (SLP).

At the moment only companies and limited liability partnerships (LLP) are obliged to disclose information of “people with significant control”. Such information is available to general public on the Companies House website.

It is expected that from 24 July 2017 the active Scottish Limited Partnerships (SLPs) in which all partners are legal entities, will be obliged to inform the Companies House within 14 days about people who exercise “significant control” over them. Later they will have to confirm correctness of that information to Companies House annually.

The newly established SLPs will be obliged (upon registration) to provide their PSC information from 24 July 2017 as well.

It is currently not clear whether the mentioned requirements will be extended to SLPs in which one or more partners are individuals.

2. Besides the above, the procedure of updating the PSC information for companies and LLPs will change. From 26 June 2017 that information will be confirmed (updated) through special forms instead of annual confirmation statement. These forms will be filed upon any change in PSC information. In case of such change, a company/LLP will have to update its PSC register within 14 days and within the next 14 days notify Companies House.

At the moment no details and procedures related to the above changes are available. The UK Government is expected to publish the relevant guidelines in the nearest time.

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