The UK government is updating the filing requirements for Limited Partnerships (LPs) through the Economic Crime and Corporate Transparency Act 2023 (ECCTA). These changes aim to enhance transparency and align LPs with other company types.
- Registered UK Office and Email Address: LPs must now maintain a physical office and an email address in the UK, excluding PO Box addresses. Existing LPs have six months to update their records with a valid address.
- Annual Confirmation Statement: LPs are required to submit an annual confirmation statement to verify and update their information, ensuring data accuracy and transparency.
- Detailed Partner Information: LPs must provide detailed information about their partners, including office addresses, service addresses, registration details, and personal information for individuals. Existing LPs must update this information within six months, while new LPs must provide it upon registration.
- Identity Verification: General partners and registered officers must verify their identities with Companies House or an authorised corporate service provider (ACSP), enhancing corporate transparency.
- Accounts: HMRC can now request audited accounts from LPs, aligning their financial reporting requirements with other company types.
These new measures, set to be implemented through secondary legislation, aim to increase LP transparency, reduce financial crime, and align LPs with the standards of other businesses. LPs should prepare for these changes to ensure compliance and avoid penalties.
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