This part of GOV.UK is being rebuilt – find out what beta means

HMRC internal manual

Money Laundering Regulations: Registration

Fit and Proper Test: Beneficial Owner in a Partnership

In the case of a partnership, a beneficial owner is any individual who:

  • ultimately is entitled to or controls, whether directly or indirectly, more than 25% of the capital or profits of the partnership
  • ultimately is entitled to or controls, whether directly or indirectly, more than 25% of the voting rights in the partnership
  • satisfies one or more of the conditions in Part 1 of Schedule 1 to the Scottish Partnership (Register of People with Significant Control) Regulation 2017 (guidance at section 2 Scottish qualifying partnerships guidance )
  • exercises ultimate control over the management