23(1)A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of being a limited partner.
(2)A person does not meet Condition 1, 2 or 3 of paragraph 6 in relation to an overseas entity by virtue only of, directly or indirectly—
(a)holding shares, or
(b)holding a right,
in or in relation to a limited partner.
(3)Sub-paragraphs (1) and (2) do not apply for the purposes of determining whether the requirement set out in Condition 5(a) of paragraph 6 is met.
(4)In this paragraph “limited partner” means—
(a)a limited partner in a limited partnership registered under the Limited Partnerships Act 1907 (other than one who takes part in the management of the partnership business), or
(b)a foreign limited partner.
(5)In this paragraph “foreign limited partner” means an individual who—
(a)participates in arrangements established under the law of a country or territory outside the United Kingdom, and
(b)has the characteristics prescribed by regulations made by the Secretary of State.
(6)Regulations under this paragraph may, among other things, prescribe characteristics by reference to—
(a)the nature of arrangements;
(b)the nature of an individual’s participation in the arrangements.
(7)Regulations under this paragraph are subject to the affirmative resolution procedure.
Commencement Information
I1Sch. 2 para. 23 not in force at Royal Assent, see s. 69
I2Sch. 2 para. 23 in force at 1.8.2022 (except in so far as relating to ss. 7–11 of the Act) by S.I. 2022/876, reg. 3(b)
I3Sch. 2 para. 23 in force in so far as not already in force at 12.10.2022 by S.I. 2022/1039, reg. 2(b)