PSC register: Scottish Partnerships (Register of People with Significant Control) Regulations 2017

July 06, 2017

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On 26 June 2017, the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694) (save for regulations 4 and 81) came into force. The regulations extend a modified form of the PSC regime to eligible Scottish partnerships from that date. Eligible Scottish partnerships include: 1) Limited partnerships registered in Scotland; and 2) General partnerships constituted under the law of Scotland, during any period in which they are a qualifying partnership (as defined in regulation 3 of the Partnership (Accounts) Regulations 2008 (SI 2008/569)). Broadly, a "qualifying" partnership is one each member of which is a corporate body.

Every eligible Scottish partnership must now investigate whether it has any PSCs or relevant legal entities (RLEs), and, from 24 July 2017, will be required to file information on its registrable PSCs and RLEs at Companies House in accordance with Part 5 of the regulations (but will not be required to keep a PSC register itself).

Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694).