Scottish partnerships now subject to the PSC regime
Scottish partnerships that are now subject to the PSC regime must identify all persons who have “significant control” over them. From 24 July 2017, they will need to provide details of their PSCs to Companies House.
Although the Government had previously hinted at some of the detail, it published the final regulations setting the full regime out on 26 June, giving businesses and advisers little time to prepare.
We have set out below the key aspects of the new regime, as well as how it may interact with existing investment structures.
It is important to note that, although often involved in transactions governed by English law, Scottish partnerships are a creature of Scottish law. It is therefore essential to involve Scottish legal advice when analysing the position of a Scottish partnership under the PSC regime. This note should not be taken as advice on matters of Scottish law.
- Private equity sponsors
- Alternative asset fund managers
- Banks and alternative lenders
- Executives and business leaders
- Institutional asset managers
- Private companies
- Public companies
- Real estate investors and developers
- Investment management
- Corporate and M&A
- Pensions and pensions de-risking
- Pensions advisory
- Pensions disputes
- Pensions in corporate transactions