Economic Crime (Transparency and Enforcement) Act 2022 · PART 5 Supplementary provision about interpretation of Schedule

23 Limited partnerships

Sch. 2 para. 23 · in force: yes

Captured statutory text (L5)

23 Limited partnerships

(1)A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of being a limited partner.

(2)A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of, directly or indirectly—

(a)holding shares, or

(b)holding a right,

in or in relation to a limited partner.

(3)Sub-paragraphs (1) and (2) do not apply for the purposes of determining whether the requirement set out in Condition 5(a) of paragraph 6 is met.

(4)In this paragraph “limited partner” means—

(a)a limited partner in a limited partnership registered under the Limited Partnerships Act 1907 (other than one who takes part in the management of the partnership business), or

(b)a foreign limited partner.

(5)In this paragraph “foreign limited partner” means an individual who—

(a)participates in arrangements established under the law of a country or territory outside the United Kingdom, and

(b)has the characteristics prescribed by regulations made by the Secretary of State.

(6)Regulations under this paragraph may, among other things, prescribe characteristics by reference to—

(a)the nature of arrangements;

(b)the nature of an individual’s participation in the arrangements.

(7)Regulations under this paragraph are subject to the affirmative resolution procedure.

Full captured verbatim text

(1) A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of being a limited partner.

(2) A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of, directly or indirectly—

(a) holding shares, or

(b) holding a right,

in or in relation to a limited partner.

(3) Sub-paragraphs (1) and (2) do not apply for the purposes of determining whether the requirement set out in Condition 5(a) of paragraph 6 is met.

(4) In this paragraph “limited partner” means—

(a) a limited partner in a limited partnership registered under the Limited Partnerships Act 1907 (other than one who takes part in the management of the partnership business), or

(b) a foreign limited partner.

(5) In this paragraph “foreign limited partner” means an individual who—

(a) participates in arrangements established under the law of a country or territory outside the United Kingdom, and

(b) has the characteristics prescribed by regulations made by the Secretary of State.

(6) Regulations under this paragraph may, among other things, prescribe characteristics by reference to—

(a) the nature of arrangements;

(b) the nature of an individual’s participation in the arrangements.

(7) Regulations under this paragraph are subject to the affirmative resolution procedure.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Limited partners do not meet beneficial ownership Conditions 1 to 3 solely by status or holding interests in a limited partner.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

schedule ref schedule_ref · Sch. 2 para. 23

schedule ref schedule_ref · Sch. 2 para. 6

Referred to by

schedule ref schedule_ref · Sch. 1 para. 3

schedule ref schedule_ref · Sch. 1 para. 4

schedule ref schedule_ref · Sch. 1 para. 5

schedule ref schedule_ref · Sch. 2 para. 23

schedule ref schedule_ref · s. 4

schedule ref schedule_ref · s. 44

schedule ref schedule_ref · s. 63

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (173)

synthesis coverage: missing/unverified L2 part-1

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Instrument tier unavailable

Change history as published

S. 29 omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

S. 29A omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

Pending effects amendments not yet applied to this text

No captured pending effects.

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2022/10
Part: PART 5 Supplementary provision about interpretation of Schedule
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 1c2bd61f3c205ce9762d8254…
Source: legislation.gov.uk/ukpga/2022/10