Limited Partnerships Act 1907

[F1 Power for HMRC to obtain accounts U.K.

Textual Amendments

F1 S. 10G and cross-heading inserted (26.10.2023 but only so far as it confers a power to make regulations or relates to the exercise of the power, otherwise prosp.) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 128, 219(1)(2)(b)

10G Power for HMRC to obtain accounts U.K.

(1) HMRC may by notice in writing require the general partners in a limited partnership to—

(a) prepare accounts in accordance with regulations made by the Secretary of State for the purposes of this paragraph;

(b) deliver those accounts to HMRC, together with—

(i) an auditor’s report prepared in accordance with regulations made by the Secretary of State for the purposes of this sub-paragraph;

(ii) such supporting evidence as may be required by regulations made by the Secretary of the State for the purposes of this sub-paragraph.

(2) A requirement under this section may specify—

(a) the period to which the accounts must relate;

(b) the form and manner in which the documents are to be delivered;

(c) the period within which they are to be delivered.

(3) HMRC may by notice in writing extend a period specified in a requirement under this section.

(4) If the general partners in a limited partnership fail to comply with a requirement under this section an offence is committed by each general partner who is in default.

(5) But where the general partner is a legal entity, it does not commit an offence as a general partner in default unless one of its managing officers is in default.

(6) Where any such offence is committed by a general partner that is a legal entity, or any such offence is by virtue of this subsection committed by a managing officer that is a legal entity, any managing officer of the legal entity also commits the offence if—

(a) the managing officer is an individual who is in default, or

(b) the managing officer is a legal entity that is in default and one of its managing officers is in default.

(7) A person guilty of an offence under this section is liable—

(a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both);

(b) on summary conviction—

(i) in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both);

(ii) in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum;

(iii) in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fifth of the statutory maximum.

(8) A general partner or managing officer is “in default” for the purposes of this section if they authorise or permit, participate in, or fail to take all reasonable steps to prevent, the contravention.

(9) In this section “HMRC” means the Commissioners for His Majesty’s Revenue and Customs.

(10) Regulations under this section are subject to the affirmative resolution procedure.]

11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 U.K.

Textual Amendments

F2 S. 11 repealed by Finance Act 1973 (c. 51) , Sch. 22 Pt. V

F3 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F3 S. 12 repealed (E.W.) by Perjury Act 1911 (c. 6), Sch.; and (S.) by False Oaths (Scotland) Act 1933 (c. 20), Sch.

[F4 13 Registrar to file statement and issue certificate of registration. U.K.

On receiving any statement made in pursuance of this Act the registrar shall cause the same to be filed, and he shall send by post to the firm from whom such statement shall have been received a certificate of the registration thereof.]

Textual Amendments

F4 S. 13 omitted (26.10.2023 but only so far as it confers a power to make regulations or relates to the exercise of the power, otherwise prosp.) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 136(3), 219(1)(2)(b)

[F5 14 Register and index to be kept. U.K.

F6 ... the registrar shall keepF6 ... a register and an index of all the limited partnerships registered as aforesaid, and of all the statements registered in relation to such partnerships.]

Textual Amendments

F5 S. 14 omitted (26.10.2023 but only so far as it confers a power to make regulations or relates to the exercise of the power, otherwise prosp.) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 136(3), 219(1)(2)(b)

F6 Words in s. 14 omitted (1.10.2009) by virtue of The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 3(4) (with art. 10)