Section 5

In these Regulations, “beneficial owner”, in relation to a body corporate which is not a company whose securities are listed on a regulated market, means— any individual who exercises ultimate control over the management of the body corporate; any individual who ultimately owns or controls (in each case whether directly or indirectly), including through bearer share holdings or by other means, more than 25% of the shares or voting rights in the body corporate; or an individual who controls the body corporate. For the purposes of paragraph (1)(c), an individual controls a body corporate if— the body corporate is a company or a limited liability partnership and that individual satisfies one or more of the conditions set out in Part 1 of Schedule 1A to the Companies Act 2006 (people with significant control over a company) ; or the body corporate would be a subsidiary undertaking of the individual (if the individual was an undertaking) under section 1162 (parent and subsidiary undertakings) of the Companies Act 2006 read with Schedule 7 to that Act. In these Regulations, “beneficial owner”, in relation to a partnership (other than a limited liability partnership), means any individual who— ultimately is entitled to or controls (in each case whether directly or indirectly) more than 25% share of the capital or profits of the partnership or more than 25% of the voting rights in the partnership; satisfies one or more the conditions set out in Part 1 of Schedule 1 to the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (references to people with significant control over an eligible Scottish partnership) ; or otherwise exercises ultimate control over the management of the partnership. In this regulation “limited liability partnership” has the meaning given by the Limited Liability Partnerships Act 2000 .

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Source: legislation.gov.uk · retrieved 2026-09-04