The Economic Crime and Corporate Transparency Act (the “Act”) received Royal Assent on 26th October 2023. A key objective of the Act is to increase powers to tackle economic crime and improve the transparency of corporate entities in the UK.
Under the Act the role of Companies House will be expanded, transforming it from a document repository to a source of verified information. There will also be reforms to filing requirements for limited partnerships registered in Scotland, and England and Wales.
The impact on Scottish limited partnerships
Burness Paull’s market-leading funds team has been closely involved in the development of the legislation, and we have put together a summary of known changes for Scottish limited partnerships here.
Much of the detail around implementation of the Act will follow in secondary legislation which we expect to be available in the coming weeks and months, and we will share regular updates as we receive them.
Get in touch
Please do get in touch if you have any questions or if you would like to discuss. You can also sign up for updates on our dedicated ECCTA webpage.
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