Scottish Limited Partnerships (SLPs) continue to be a focus for policy makers. Recent negative media coverage and active political commentary has prompted the launch of an official review by The Department of Business, Energy & Industrial Strategy (BEIS) on Limited Partnership Law. As a reserved area of law, the BEIS review encompasses not only SLPs but limited partnerships registered in England and Northern Ireland.
The clear focus of the consultation remains the significant increase in registration of SLPs (citing the fact that 70% of those currently existing were registered in the last five years), the alleged link to misuse of the SLP vehicle and the appropriate level of corporate transparency to be applied to SLPs going forward. We are responding to the UK Government’s call for evidence and our response will make clear that heightened regulation of non-law firm formation agents should not constrain the legitimate uses of SLPs.
The consultation is open for responses until 17 March 2017 and interested parties can find out more about how to respond here.
Should fracking play a part in Scotland’s future? Two years after a moratorium on unconventional drilling for oil and gas was imposed, a consultation has been launched by Scottish Ministers to answer this question.
It is said that shale gas extraction could generate up to £3.9 billion in tax revenues, create more than 3,000 jobs, and produce the equivalent of 18 years of Scottish gas consumption. However, at current oil and gas price levels, the economics are challenging. The consultation paper is here.