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Members Urged to Comply with New Limited Partnership Reporting Requirements

Deadline for providing initial information 6 August

NFU Scotland is reminding its members who operate Scottish Limited Partnerships to ensure they are compliant with new reporting requirements which will see them required to report ‘Persons with Significant Control’ (PSCs) annually to Companies House.

Importantly, the deadline for provision of initial information is 6 August 2017.

Recent changes introduced by UK Government have brought regulations into force in relation to PSCs for Scottish Limited Partnerships. These aim to improve transparency of individuals who own and control UK companies.

For NFU Scotland’s farming members, the new requirements cover agricultural Limited Partnerships, and see the general partner as the responsible party for compliance with these new regulations.

To comply with the new requirements, NFU Scotland members who have any agricultural Limited Partnerships are advised to investigate if they have any PSCs. Criteria for this is varied, but includes where an individual has the right to 25 per cent of assets on winding up of the partnership, or where an individual has more than 25 per cent voting rights in the partnership.

Full criteria for this is available on the UK Government’s website, along with the required forms for submission. Information must be kept up to date, and provided on an annual basis.

Gemma Cooper, NFU Scotland’s Legal and Technical Policy Manager commented: “NFU Scotland is aware that there are still many Limited Partnerships in operation as an agricultural letting vehicle. The Union has been working with UK Government over the past six months in relation to this, to ensure that the interests of agricultural landlords and tenants were represented in the wider discussions around Limited Partnerships.

“It is very important that the new requirements are adhered to, as failure to do so has the potential for criminal sanctions.”

Notes to Editor


Ends

Contact Douglas Ross on 07823 556253

Author: Douglas Ross

Date Published:

News Article No.: 113/17


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