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Companies House Changes Limited Partnership Requirements

Published by Prerana
Posted Date: July 2, 2024 , Modified Date: July 2, 2024

The UK government is making big changes to the filing requirements for Limited Partnerships (LPs) as part of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). These new measures aim to make LPs more transparent and bring them in line with other types of companies. These changes will significantly impact how LPs operate and how they report their information to Companies House.

Major Changes Under the ECCTA

The new regulations introduce several major changes that LPs need to be aware of. Here is a detailed breakdown of the changes made to the ECCTA that affect limited partnerships (LPs).

  • Registered UK Office and Email Address: LPs must now have a physical office and an email address in the UK. The office address cannot be a PO Box and should be a place where documents can reliably reach someone representing the LP. Existing LPs have six months from the implementation date to update their records with an appropriate address.
  • Annual Confirmation Statement: An annual confirmation statement must be submitted by the LPs that verifies the information on record. The statement can check the accuracy of the resources to ensure the data are up to date and improve the transparency of the information.
  • Detailed Partner Information: Limited Partnerships (LPs) need to provide detailed information about their partners. For legal entities, this includes the office address, service address, registration details, legal form, and governing law. For individuals, it includes former names, date of birth, nationality, country of residence, and usual residential address. Existing LPs must update this information within six months of the new measures taking effect, while new LPs must provide it upon registration.
  • Identity Verification: General partners and registered officers must confirm their identities with Companies House or an authorised corporate service provider (ACSP). This verification step aims to enhance corporate transparency by ensuring the identities of key individuals involved in the LP.
  • Accounts: HMRC now has the authority to request audited accounts from an LP. This brings LPs in line with other types of companies in terms of financial reporting and ensures more thorough financial oversight.

Conclusion

These new measures, set to be implemented through secondary legislation, represent a significant shift in how Limited Partnerships operate in the UK. The government wants to make LPs more transparent, reduce financial crime, and hold them to the same standards as other businesses. LPs should get ready for these changes to follow the rules and avoid penalties.

Prerana
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