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HMRC internal manual

Money Laundering Regulations: Registration

From
HM Revenue & Customs
Updated
, see all updates

Fit and Proper Test: Beneficial Owner in a Partnership

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

  • is entitled to or controls more than 25 per cent of the capital or profits of the partnership, or more than 25 per cent of the voting rights; or
  • otherwise exercises control over the management of the partnership.