Section 5(3)

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.

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