In the same week that Theresa May declared the UK would be
leaving the EU Single Market, the government took steps to make UK
vehicles more attractive for private funds. Legislation for a new
form of limited partnership, a "private fund limited
partnership" was laid before Parliament on 16 January 2017.
The new regime will apply to limited partnerships which meet the
"private fund conditions", and is expected to come into
force on 6 April 2017.
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Also focusing on UK limited partnership reform, the Department
for Business, Energy & Industrial Strategy ("BEIS")
has released a call for evidence seeking views and evidence on the
possible reasons why registration of limited partnerships in
Scotland has increased, in comparison to those in England, Wales
and Northern Ireland. BEIS is also considering the types of
economic uses of Scottish limited partnerships, and what the legal
characteristics are that might act as an enabler to
