This publication is available at www.gov.uk/government/publications/scottish-qualifying-partnerships-people-with-significant-control/scottish-qualifying-partnerships-people-with-significant-control form to be submitted Qualified partnership documents must be submitted using the PR2 form (application fee €15). The form must be submitted within 11 months of the end of the fiscal year. Failure to submit is a Category 3 offence. Content of the Payment Report Payment Report of the Company A qualified partnership must include, with respect to its payment report for each fiscal year, the following with respect to its relevant activities: (a) the government to which each payment was made, including the country of that government; (b) the total amount of payments made to each government; (c) the total amount by type of payment made to each government; (d) where those payments have been allocated to a specific project, the total amount per method of payment for each of those projects and the total amount of payments for each of those projects. (If a qualified partnership makes a payment that is not attributable to a specific project, it is not necessary in the company`s payment report to allocate it to a specific project.) A qualified partnership is not required to include a payment in the company`s payment report if: (a) it is a one-time payment of less than €100,000 or (b) it is part of a series of related payments in a financial year in which the total amount of that series of payments is less than €100,000. However, payments, activities and projects cannot be artificially divided or grouped to avoid application. The disclosure of payments reflects the content and not the form of each payment, activity or project concerned. Where benefits in kind are granted to a government, the company`s payment report shall indicate the value of those benefits in kind and, if applicable, the volume of those benefits in kind, and the directors shall provide supporting documentation explaining how the value of those benefits in kind was determined. Content of the consolidated payments report An eligible partnership/holding company shall contain, in respect of its consolidated report on payments, the same information for each financial year as set out above for a payment report of an undertaking and shall also include the following information: (a) all payments resulting from the relevant activities of a mining or quarrying undertaking and (b) all payments resulting from the Activities of a lumberjack company. If an entity makes a payment that is not attributable to a specific project, it is not necessary in the consolidated payment report to allocate it to a specific project.
Notice that a limited partnership has been terminated or terminated must be submitted on a Form LP2. The form must be signed by the general partner. Unless otherwise agreed between the partners, the death or bankruptcy of a general partner dissolves a limited partnership. Limited partnerships, which are all limited liability limited partners, return accounting documents in accordance with the European Union regulations (Qualified Companies: Accounting and Auditing) 2019 (S.I. No. 597 of 2019). This may also apply to general partnerships where the personally liable partners are limited liability companies. Subject to the regulations, Part 6 of the Companies Act 2014 applies to annual returns to be filed by limited partnerships. The accounting records must be certified by two of the partners authorized by the partners and transmitted to the CRO. A corporation may also be dissolved by notification of a limited partner`s intention to dissolve the corporation, provided that the corporation has agreed that such notice may be made by a limited partner. A partnership may also be dissolved by court order. You must also tell us if the SQP is no longer an eligible partnership using the SQP3 form.
All SQP registration or modification forms can be found in the partnership collection. Qualified Partnership Regulation of 2019 of the European Union (Qualified Partnerships: Accounting and Auditing) (S.I. No. 597 of 2019). Details of changes to the limited partnership must be notified to the CRO on the following forms: 5. (1) In these Regulations, “qualifying partnership” means – (a) a partnership for which all limited partnerships may be required to file a payment report with the Registrar under Part 26 of the Companies Act, 2014 (as amended). The report must be submitted using the PR2 form. The PR2 form has a registration fee of €15.
In accordance with the European Union Regulation (Qualified Partnerships: Accounting and Auditing) 2019 – SI 597 of 2019, Qualified Partnerships apply Part 26 of the Companies Act 2014. A reference in Part 6 or Part 26 of the Companies Act 2014 is an equivalent reference to Rule 8 of the Regulations 2019. 2. References in paragraph 1 to a limited liability company, a designated ULC, a general partnership or a limited partnership shall include references to companies, whether governed by the law of the State or of another country or territory and comparable to such a limited liability company, a designated ULC, partnership or limited partnership. 3. Without prejudice to the generality of paragraph 2, for the purposes of this Regulation: (a) an undertaking which is not governed by the law of the State shall be deemed to be comparable to a limited partnership if: – (i) it is a general partnership or an undertaking comparable to a partnership, (ii) it has at least one limited liability partner and (iii) it has at least one non-limited partner; (b) in respect of an undertaking which is not governed by State law and which is comparable to a limited partnership within the meaning of this Regulation, the reference to general partners in clause 1(a)(iv) and paragraph 1(b)(iv) shall be construed as a reference to the members of the investment firm with non-limited liability. (c) a company – (i) which is not subject to state law and (ii) whose partners have limited liability, is considered comparable to a limited liability company. 4. These provisions shall apply without prejudice to any change in the – a) partners, b) members or c) direct or indirect members of a qualified partnership which no longer results in it no longer being a qualifying partnership. 5. In this Regulation, `ultimate beneficial owner` means, in respect of a partnership or other undertaking, the natural person or persons who are ultimately the direct or indirect owner or control of the partnership or undertaking. (6) For the purposes of this Regulation, when assessing whether an undertaking is comparable to a limited liability company, a ULC, a general partnership or a limited partnership, account shall be taken of whether the liability of persons holding shares in the undertaking (within the meaning of Article 275, paragraph 3 of the main law) is limited.
A partnership incorporated under Scottish law that is an eligible partnership under section 3 of the Partnerships (Acccounts) Regulations, 2008 must provide PSC information to Companies House. Simply put, a qualified partnership is a partnership with exclusively corporate partners. For the purposes of these guidelines, such a partnership is called the Scottish Qualifying Partnership (SQP). Limited partnerships that are required to file Part 26 require qualified partnerships (the equivalent of large corporations, large groups and “public interest entities”) operating in the mining and extractive industries or primary forest deforestation to prepare and submit annual reports on payments to governments to the Corporate Registration Office (Annex 18 CA 2014). (Qualified partnerships corresponding to the companies listed in Schedule 18 of the Companies Act 2014 are listed below). This applies to financial years beginning on or after 1 January 2020. Scotland Companies House Fourth floor Edinburgh Quay 2 139 Fountainbridge Edinburgh EH3 9FF England and Wales The Registrar of Companies Companies House Crown Way Cardiff CF14 3UZ The relevant Act relating to the provision of PSC information to Scottish partnerships is contained in the Scottish Partnerships (Register of People with Significant Control) Regulations 2017. .