Scottish LPs - reporting changes you should be aware of

N News

June 09, 2017

Changes are being implemented by the Government shortly that will impact Scottish LPs. These changes result from the Companies House business plan for 2017-2018 and its strategic plan for 2017-2020.  According to its press release, one of the stated goals of Companies House is to support the Government's commitment to make the UK the most transparent place in the world to do business by implementing legislative changes.  It believes that the changes planned for 2017 will improve corporate transparency and reduce burdens for companies.

 

Specifically, some of the changes are:

Companies House will implement the Fourth Money Laundering Directive (MLD4) at the end of June 2017.  This will build on the PSC Register, introduced in June 2016, and extend the amount of information available about those controlling companies.  Since the PSC requirements will extend to entities that have not previously had any dealings with Companies House, it will be communicating with them to ensure that they are aware of their new obligations and are in a position to comply when the rules change. 

 

The introduction of MLD4 will also mean a change in frequency of reporting, with a move to reporting changes to PSCs as they happen rather than in a single annual filing on the confirmation statement. Thus, with effect from 26 June 2017, entities will have 14 days to update their PSC register and another 14 days to notify Companies House of the change.  Forms PSC01 to PSC09 will be used for this purpose.

 

With effect from 24 July 2017, the PSC regime will be extended to active Scottish Limited Partnerships and general Scottish Partnerships where all the partners are corporate bodies.

 

NCM have spoken to Companies House and as yet the specific form required to initially lodge information has not been released but we would advise that you discuss the requirement with your legal advisers or company secretary to ensure compliance.